Technical Analysis – EURUSD slides after bullish gap
EURUSD pulls back from 50-day SMA
RSI and MACD still point up
EURUSD opened with a bullish gap today after the French elections on Sunday but is currently trading near its opening level. The price stands beneath the 1.0720 resistance level, with an indication of recouping the gap. The RSI and the MACD are heading north beneath their mid-levels.
In case of a successful rally beyond the 200-day simple moving average (SMA) and the 1.0800 round number, then the bulls would need to battle with the 1.0850 barricade. Even higher, the tentative long-term downtrend line around 1.0900 may halt bullish actions.
On the flip side, a dive beneath the previous eight-week low of 1.0665 could open the door for a challenge of the 1.0647 support. Sliding below this area, the five-month low of 1.0600 and the trough of 1.0515, taken from the lows in October could endorse the bearish outlook.
Summarizing, EURUSD is creating a failed attempt to climb above the SMAs today with the short-term outlook remaining neutral.Related Assets
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