EUR/USD - EUR/USD Is Trying to Recover Some of Its Losses - Neutral to Bullish Bias - 10/10/2017 (GMT)

The single currency reversed its losses and is posting weak positive days against the greenback after the drop to its lowest level in almost two months. higher against the greenback and dropped to its lowest level in almost two months. The EUR/USD pair hit the 1.1670 support level, which overlaps with the 100-day SMA but it posted a negative week, falling 0.68%. The latter week was the fourth bearish session in a row, following the bounce off the 1.2030 resistance barrier.

From the technical point of view, the price also hit the 200-week SMA but failed to end the period below it. On the daily timeframe, the RSI indicator is holding below the 50 level but is pointing to the upside and the MACD oscillator is slightly rising ready to create a bullish crossover. If the pair continues the upward movement will touch the 1.1830 resistance level or moreover, the 50-day SMA, near 1.1850.