On the weekly chart, EURUSD has made some bullish developments since bouncing off a multi-year low of 1.0461. The tenkan-sen has crossed above the kijun-sen which is a bullish signal and the RSI is back above 50. The market has been probing the base of the weekly Ichimoku cloud but has been finding strong resistance there.
The short-term outlook is neutral as the pair has been in a range since crossing above the key 1.1000 level in April and the upside range lies at 1.1500. Prices would have to clear 1.1500 and rise above the cloud in order to see a shift to a more bullish bias. To the downside, a break below 1.1000 would accelerate a fall to 1.0005 and below this the bearish trend that started in March 2014 would resume. So far the market has only retraced 23.6% of the downleg from 1.3992 to 1.0461. A bigger correction is needed to weaken the overall bearish trend.