Technical Analysis – EURUSD tests descending trend line
EURUSD eases from 1.0950 level
Bullish cross between SMAs still intact
Momentum oscillators head south
EURUSD is still diving from the 1.0950 resistance level, finding strong support near the long-term descending trend line. The simple moving averages (SMAs) posted a strong bullish crossover; however, the technical oscillators are suggesting more downside pressure. The stochastic is slipping beneath the 20 level, while the RSI is sloping south above the 50 level.
Immediate support for further downside moves could come from 1.0850, ahead of the SMAs near 1.0815. Slightly lower, the 1.0800 round number may halt bearish actions.
On the other hand, a rebound off the downtrend line could open the door for a retest of the 1.0950 resistance and the 1.0980–1.1000 region.
Summarizing, a confirmation of the bullish tendency could come only if there is a jump above the 1.1000 round number.Related Assets
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