EURUSD is retreating after a strong bullish move earlier today, slipping below the 40-period simple moving average (SMA). The RSI is pointing down in the negative territory and the MACD is strengthening its bearish momentum below its zero level. The 20-period SMA is approaching the current market price and the 40-period SMA for a bearish crossover.
If the price dives beneath the 1.2065 support, the next hurdle could come from the 1.1993 barrier before meeting the 200-period SMA at 1.1970. Slightly below this area, the 1.1945 obstacle could come into focus.
On the other hand, an upside reversal could meet the 1.2115 resistance ahead of the 20-period SMA at 1.2125. Even higher, the eleven-week high of 1.2180 could halt the bullish actions.
To sum up, EURUSD has been in a bearish correction over the last couple of days, however, in the bigger picture is still bullish.
