EURUSD Is Possibly Bullish

Technical analysis

The EMA(50) and the EMA(100) crossed, which is favorable for opening an order

The EMA(50) is above the EMA(100) after that, which will be beneficial for bulls

The MACD indicator line is below 0, showing a downward direction

The RSI surpassed 20, the oversold zone, and may change the trend.

What the possible outcomes are

EURUSD declined after the weak German ZEW data. The pair trades at 1.17200. However, technically the price may rebound to the previous day’s level with a little uprising momentum. If the price passes the initial resistance level of 1.17322, it could test the next one higher at 1.17387.

Alternatively, if the price reverses, then it could reach the first support level of 1.17001.

A pass below the first level can move the price up lower toward 1.6865.

Key levels

Support 1.17001 1.16865

Resistance 1.17322 1.17387

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