EURUSD Points Slightly Up After Meeting 14-Month Low

EURUSD found strong support at the 14-month low of 1.1562 last week, turning up from the lower boundary of the descending channel.

Technically, the RSI indicator is mirroring the latest bullish move and is moving above the oversold territory; however, the MACD oscillator is still extending its negative movement beneath its trigger and zero lines. In trend indicators, the 20- and 40-day simple moving averages (SMAs) completed a bearish crossover.

Any advances beyond the 1.1610 resistance could open the way for the 1.1665 barrier ahead of the short-term SMAs around 1.1720-1.1745. Rising further, the bulls could meet the 1.1910 hurdle before the battle starts near the 200-day SMA at 1.1953 and the 1.1975 obstacle.

On the flip side, a drift below the long-term downward sloping channel could endorse the broader negative outlook, hitting the 1.1420 support, taken from the inside swing high on June 9. Steeper decreases could open the way for 1.1170 and 1.1015.

In conclusion, EURUSD is ticking marginally up in the very short-term, but the bigger view is negative

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