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EURUSD rebounds off 200-day EMA
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Remains bullish above short-term uptrend line
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RSI crosses up the 50 level
EURUSD rebounded off the 200-day exponential moving average (EMA) of 1.0755 once again, trying to surpass the 1.0800 round number.
Technically, the short-term risk is leaning to the upside. The RSI is pointing upwards and is ready to cross above the 50 level, while the MACD is still standing in the positive territory but with weak momentum.
If buyers stay in play, the door will open for the 200-day simple moving average (SMA) at 1.0825. Running higher, the pair will have to face the 20-day SMA at 1.0825 and then the previous peak of 1.1015, which is a more-than-three-month high.
Should the bears press the price below the 200-day EMA, that could open the door towards the 50-day SMA, which coincides with the 1.0720 support level. If the latter gives way too, the decline could continue towards the 1.0655 barricade around the short-term uptrend line.
In a nutshell, despite the latest exciting rebound in EURUSD, there are some obstacles to consider before a real bullish trend takes place.
