EURUSD is moving back and forth of the 1.0000 psychological level, failing once again to surpass the descending trend line in the preceding week. The technical oscillators seem to be in confusion, as the MACD is holding above its trigger line in the negative region, while the RSI is ticking lower below the neutral threshold of 50.
If the price has a closing day below the parity level, then the focus should shift to the downside again, meeting the 20-year trough at 0.9863 ahead of the low in September 2022 at 0.9835. More downside pressures could open the way for the 0.9780 barrier before tumbling to the 0.9700 handle, registered in September 2022.
Alternatively, a move higher and a break of the 50-day simple moving average (SMA) at 1.0094, which hovers near the falling trend line could add to optimism for more bullish actions, meeting the 1.0200 and 1.0355 resistance levels.
All in all, EURUSD is appearing neutral in the very short-term timeframe, beneath the 1.0200 barrier and above the 20-year low of 0.9863. Only a climb above the long-term downward sloping channel may change the outlook to bullish.
