EURUSD is meeting the parity level again, dropping beneath the 20-period simple moving average (SMA) after the pullback from the 1.0095 resistance. In the medium-term timeframe, the pair is failing to have a clear directional movement as it has been moving sideways since mid-October.
The technical oscillators are suggesting a negative movement as the RSI is pointing down in the positive region following the decline from the overbought region, while the MACD is losing momentum beneath its trigger line.
Further losses should see the 0.9970-0.9990 support region acting as a major support ahead of the 50-period SMA and the upper boundary of the Ichimoku cloud around 0.9920. A slip lower would challenge the 200-period SMA at 0.9835, reinforcing the bearish structure in the short-term and open the ways towards the next key support region of 0.9705-0.9730.
In the event of an upside reversal, the 1.0095 resistance could be the next target before being able to re-challenge the 1.0200 obstacle and the 1.0370 peak, registered on August 10.
Overall, EURUSD is bearish in the very short-term timeframe, while the bigger picture is neutral. Any moves beneath the 200-period SMA may switch the outlook back to negative.
