EURUSD has a neutral to bullish bias in the very short-term timeframe as it struggled within the 38.2% and the 50.0% Fibonacci retracement levels with high at 1.1960 and low at 1.1716. During yesterday’s trading session, the common currency pair penetrated above the descending trend line that was holding since December 1st, on the 1-hour chart, and hit the 1.1843 price level.
Further potential upside move is expected until 61.8% Fibo level, near 1.1867. On the reverse side, if the price plunges below the 1.1810 barrier (also the 38.2% Fibonacci level), it will open the way for the 1.1792 level. Momentum indicators are still developing within positive territory but with weakening momentum. The MACD oscillator slipped below its trigger line, whilst the RSI indicator is slightly sloping to the upside. It is worth mentioning that the 50-simple moving average (SMA) created a bullish crossover with the 100-SMA, signaling a bullish tendency in the near term.
Looking at the bigger picture, the pair posted a green day on Wednesday, surging more than 0.7%, following the rebound on the 1.1716 strong support level and the downside pressure has paused for now.
