EURUSD is edging lower over the last four-hour sessions following the bounce off the three-month peak of 1.1256. The technical indicators are weakening in the positive areas. The MACD is slipping beneath the trigger line, while the RSI failed to hold above the 70 level and is approaching the neutral threshold of 50.
Further declines could find immediate support at the 20-period simple moving average (SMA) currently at 1.1180, which holds slightly above the 1.1153 and the 23.6% Fibonacci retracement level of the upward wave from 1.0772 to 1.1256 at 1.1142. Below these lines, the 40-period SMA at 1.1113 and the 38.2% Fibonacci of 1.1080 could be the next targets for the bears.
An upside rally above yesterday’s high could send prices until the 1.1330 – 1.1365 resistance area, identified in mid-March. Above that, the 1.1495 key level could attract attention, achieved on March 9.
Concluding, EURUSD maintains a bullish bias in the near- and medium-term window despite the latest bearish move in the very short-term.
