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EURUSD needs some boost for more increases
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Stochastics points up below 20
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RSI flattens beneath 50 level
EURUSD is battling with the 1.1000 psychological number after the bearish correction that started from the 13-month high of 1.1200.
Technically, the stochastic oscillator is ticking slightly higher in the oversold territory, while the RSI is moving horizontally beneath the neutral threshold of 50. Both suggest that the negative move may be paused.
A rebound from 1.1000 may drive the market higher to the 20-day simple moving average (SMA) at 1.1087, ahead of the 1.1150 resistance level taken from the latest high. Even higher, the 1.1200 round number awaits traders for steeper bullish actions.
On the other hand, a successful move below 1.1000 could create a steeper decline until the 50-day SMA at 1.0965 and the 1.0950 bar. More downside pressures could open the way for a test of the 1.870 support and the 200-day SMA at 1.0860.
All in all, EURUSD started a negative retracement on August 26, but the broader outlook remains bullish.
