EUR/USD Technical analysis

Source: Dukascopy Bank SA
A key support level was recently established around 1.1450, where the RSI indicator became oversold, triggering a strong bounce higher.



Despite the force of this rebound, the medium-term trend remains bearish as the price is still well below its key moving averages. The 100-period moving average, around 1.1638, will now act as a significant resistance level. The future direction will likely depend on whether this bullish momentum can overcome the upcoming resistance near 1.1610 and 1.1638. If the rally stalls in this area, sellers may regain control and push the price back down to re-test the support at 1.1450.
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