• EURUSD's double top pattern continues
• RSI tries to move up
• But stochastic eases towards oversold area

EURUSD is resting near the short-term uptrend line around the 1.1070 support level after the aggressive selling interest from the 1.1200-1.1215 resistance region. Technically, the stochastic oscillator is heading south towards the oversold zone; however, the RSI is trying to cross above the 50 territory, indicating the end of the bearish structure in the short-term view.

If the market continues to recoup losses, then it may hit the 20-day SMA at 1.1100 before battling with the double top formation of 1.1200-1.1215. A successful rally above this area could pave the way for steeper increases to 1.1275.

Alternatively, a break beneath the uptrend line and the 50-day SMA could drive the bears until the 1.1000 critical level and, beneath this, the 1.0950 support would come next.

In brief, EURUSD has been in a neutral-to-bullish mode over the last couple of months, and only a daily close above 1.1200 could confirm the broader positive picture.