EURUSD saw a slight rebound from an 8-week low as it traded within a range of 1.0665-1.0720. The moving averages showed a bearish crossover, indicating the potential for more losses in the near term. The momentum oscillators displayed mixed signals, with the RSI sloping up below the 50 level and the MACD strengthening its negative trend.
If the currency pair continues to decline, traders may look towards the next support level at 1.0647 before possibly reaching the five-month low of 1.0600. On the other hand, a bounce from the recent low could push EURUSD towards the previous peak of 1.0720 and potentially challenge the SMAs around 1.0770 and 1.0790. However, significant resistance lies at the 1.0800 round number, with the market still considered negative until it surpasses 1.1000.
In summary, EURUSD appears neutral in the short term but remains bearish in the broader outlook due to the long-term downtrend line still being in place. Traders will need to monitor the key levels mentioned to gauge the potential direction of the currency pair in the coming days.
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