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EURUSD is still in positive territory after brief slide
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Nearby support levels keep the focus on the upside
EURUSD rebounded off the 1.0850 support and the 23.6% Fibonacci retracement level of the up leg from 1.0515 to 1.0965 at 1.0860, fighting with the 20-period simple moving average (SMA) at 1.0920 in the 4-hour chart.
The RSI is above its 50 neutral mark, although weaker, and the MACD is keeping its footing below its trigger line but within the positive area, both reflecting that buyers are still active.
Nevertheless, the pair has key levels underneath for protection against selling forces. The 50-day SMA has been limiting downside movements, while the 23.6% Fibonacci at 1.0860 and the 1.0825-1.0850 support area is coming next. If the bears take the lead, the pair could plummet towards the near-term rising trend line around the 38.2% Fibonacci of 1.0793.
In the event of an uptrend resumption above the 20-day SMA, the bulls might take a breather near the previous high of 1.0965 before rallying until the 1.1065 resistance, achieved on August 10.
In brief, EURUSD is in a positive territory and only a break beneath the ascending line may switch the outlook to negative.
