• EURUSD recovers some losses

• Outlook is bearish in short-term but still bullish in longer-term

• Technical signals are mixed

EURUSD found a significant support level at the medium-term ascending trend line and the 1.0725 support, recouping some of the losses of the preceding two days. However, in the near term, the picture is quite negative as the market is standing beneath the downtrend line that started from the peak of 1.1140 and is also holding below the simple moving averages (SMAs).

According to technical oscillators, the RSI is pointing marginally up below the neutral threshold of 50; however, the MACD oscillator is still extending its negative momentum beneath its trigger and zero lines.

If the market surpasses the 1.0780 resistance, then the first resistance for traders to have in mind is the 200-day SMA at 1.0830 before testing the falling trend line at 1.0850, which coincides with the 20-day SMA. A break of this line could open the door for the 1.0890 barricade, where the 50-day SMA also lies, and steeper increases could take the pair until the 1.1000 psychological level.

On the other hand, a successful penetration of the ascending trend line and the 1.0725 region could endorse the bearish structure, hitting the 1.0655 support and even lower the 1.0515 mark, taken from the lows on November 1.

All in all, EURUSD is looking bearish in the short-term timeframe, but in the bigger outlook, the price remains above the uptrend line. The technical oscillators are mixed so traders need to be cautious about the next clear direction on price.