• EURUSD seems positive after bounce off medium-term uptrend line

• RSI and MACD confirm upside pressure

EURUSD is extending its bullish movement above the 200-day simple moving average (SMA) after the strong rebound off the 1.0695 support level, which overlaps with the medium-term ascending trend line. The RSI indicator is pointing upwards above the neutral threshold of 50, while the MACD is holding above its trigger line but still beneath the zero level.

Should the pair manage to strengthen its positive momentum, the next resistance could come around the 50-day SMA at 1.0875 and the 1.0890 resistance. A break higher would endorse the bullish bias and open the way towards the 1.1000 round number.

However, if prices are unable to break the 1.0900 region, the risk would shift back to the downside, with the 200-day SMA at 1.0820 once again coming into focus, as well as the 1.0805 barrier. If there is a drop below the 20-day SMA at 1.0790, the price could slip towards the medium-term uptrend line at 1.0715, which may act as a turning point.

All in all, EURUSD is looking bullish in the short- and medium-term timeframes and only a decisive close beneath the longer-term rising trend line may switch the outlook to negative.