• EURUSD remains above uptrend line

• Immediate resistance could come from death cross within 20- and 200-day SMAs

EURUSD rebounded off the 1.0725 support level, which overlaps with the medium-term ascending trend line, posting several days of gains. But today the price losing some bullish ground.  

Technically, the 20- and the 200-day simple moving averages (SMAs) are ready to post a death cross, suggesting more downside movements. The RSI indicator is pointing south below the neutral threshold of 50, while the MACD is extending its negative momentum beneath its trigger and zero lines.

Should prices reverse lower, immediate support could come at 1.0725 again. Below that, the 1.0655 barricade is another major line ahead of the 1.0515 hurdle, taken from the lows on November 1, indicating more bearish actions.

To the upside, there is immediate resistance at the bearish cross of the SMAs at 1.0830, coinciding with the short-term descending trend line, while above that, the next resistance to watch is the 50-day SMA at 1.0890. Running higher, the 1.1000 round number may halt bullish actions.

All in all, EURUSD is in negative structure in the near-term; however, in the bigger picture the pair is developing above the medium-term uptrend line.