EURUSD has found strong support at the blue Kijun-sen line of the Ichimoku indicator, while it is still standing above the short-term simple moving averages (SMAs). The double top formation is still holding but any breaks above 1.1480 may shift the neutral outlook to bullish.
Regarding the technical indicators, the RSI indicator is pointing upwards around the neutral threshold of 50, while the MACD is falling below its trigger line in the positive region with weak momentum. Furthermore, the Ichimoku cloud is acting as a resistance area for the bulls.
If the price overcomes the immediate resistance at 1.1395, it could meet the 1.1480 significant barrier ahead of a rally towards the 1.1610 hurdle and the 200-day SMA around 1.1630.
Alternatively, a closing candle beneath the 20- and 40-day SMAs, which are ready for a bullish cross, may send the market towards the 1.1275 support. Underneath this level, the price could revisit the 20-month trough of 1.1120 before tumbling to 1.1015, taken from the inside swing high on April 2020.
All in all, in the long-term, EURUSD has been in declining movement since May 2021; however, in the medium- and short-term timeframes, the pair is neutral. Any upside moves above 1.1480 or below 1.1120 could draw the next direction on price.
