EURUSD rebounded off the 20-month low of 1.1120 that it posted in the previous week after the aggressive downside move below the short-term ascending trend line.
Technically, the 20- and 40-day simple moving averages (SMAs) are ready for a bearish cross in the short-term, and the MACD oscillator is extending its bearish structure below its trigger and zero lines. However, the RSI indicator is pointing upwards in the negative region.
A successful move higher, may find immediate resistance at the 1.1185 barrier ahead of the 1.1233-1.1260 restrictive zone. Surpassing these levels, the bulls may re-challenge the lower surface of the Ichimoku cloud at 1.1290, which stands near the rising line and the short-term SMAs. If the bulls retake charge, the 1.1360 barrier could come in focus.
In the negative scenario, if there is a drop below the latest low of 1.1120, the currency pair could slip until the 1.1015 support, taken from the inside swing low of April 2020. Steeper declines could open the way for a dive until the 1.0765 hurdle, registered in May 2020.
All in all, EURUSD has been in a somewhat upside recovery over the last couple of days, but the broader outlook has shifted to bearish after the new lower low.
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