EURUSD is easing in the near-term, creating lower lows and lower highs after the pullback off the five-month high of 1.2240. The MACD oscillator is moving with weak momentum around its zero level; however, the RSI is pointing slightly up in the negative territory. In trend indicators, the price is hovering within the blue Kijun-sen line and the 20- and 40-period simple moving averages (SMAs).
If the price dives below the 200-day SMA, which stands near 1.2143, it could take the market towards the 1.2100 handle, taken from the latest lows. More downside pressures could send the bears towards the 1.2050 and the 1.1993 support levels.
Alternatively, if there is a successful jump above the Ichimoku cloud, the pair could meet the 1.2215 resistance ahead of the five-month high of 1.2240. Even higher, the 33-month peak of 1.2350 may halt the upside structure.
To sum up, EURUSD has been in a descending move since May 25; however, in the long-term window, the market remains bullish.
