EURUSD Eases Slightly In Ascending Pattern

EURUSD is falling around the 1.1920 level after the rebound off the lower band of the ascending channel. The RSI is pointing marginally down in the negative territory, while the stochastic is heading south from the overbought zone.


A successful decline beneath the ascending channel could take the price towards the 1.1745 support ahead of the 38.2% Fibonacci retracement level of the up leg from 1.0635 to 1.2348 at 1.1695. Beneath these lines, the 1.1610 support and the 50.0% Fibonacci of 1.1490 could come into play next.


On the other hand, if the bulls take the upper hand again, the price could move higher towards the SMAs, which hover around 1.2040. More upside pressure could take the pair towards the 1.2240 resistance ahead of the 32-month high of 1.2348.


Summarizing, EURUSD has been moving south in the very short-term, though, in the bigger picture, the price remains in a bullish outlook until the break below the ascending pattern.


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