EURUSD jumped to a fresh ten-week high of 1.2176 earlier today before retreating lower. The price found strong support at the 1.1985 barrier and is holding well above the flat 100-day simple moving average (SMA) and the bullish cross within the 20- and 40-day SMAs. The RSI is sloping slightly down in the positive territory, while the stochastic oscillator is heading north.
Immediate resistance to steeper increases could be encountered near the 1.2240 barrier, ahead of the 32-month high of 1.2348 and the 1.2400 psychological mark, registered in April 2018.
On the other hand, a sell-off below the 100- and 20-day SMAs could see the bears pause their bearish correction at 1.1985. Marginally below this crucial line, the market could touch the 23.6% Fibonacci retracement level of the upward wave from 1.0635 to 1.2348 at 1.1945. Underneath, the 1.1830 support is waiting for a battle before the 38.2% Fibonacci.
To sum up, EURUSD is trying to show some improvement in the short-term, though, in the broader picture the outlook is neutral.
