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Technical Analysis – EURUSD’s bullish move remains around 1.22
EURUSD has been trading upwards in line with the 20-day simple moving average (SMA), standing beneath the almost five-month high of 1.2267.
The rebound off the 1.1700 psychological level opened the way for a positive structure in the short-term timeframe. The RSI is in a flattening mode above the neutral threshold of 50, however, the stochastic is heading north, mirroring the latest price rebound on the 20-day SMA.
In case the bulls hold the control, the price is ready to meet the 1.2267 barrier before meeting the 32-month peak of 1.2348 and the 1.2400 handle, registered in April 2018.
Otherwise, a dive beneath the 20-day SMA, the 40-day SMA could act as significant support at 1.2066 ahead of the 200-day SMA, which overlaps with the 1.1985 obstacle. Any declines below this line could shift the bullish outlook to neutral, hitting the 1.1700 handle.
In conclusion, EURUSD has been in a bullish bias over the last two months, though a drop below 1.1985 could help the bears to take the upper hand.