EUR/USD Price Analysis: Edges lower to near major support at 1.0950
|- EUR/USD retraces its recent gains as the US Dollar trims its intraday losses.
- A break below 1.0900 could push the pair to navigate the 50-day EMA at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867.
- The psychological level at 1.1000 appears as the key resistance followed by the previous week’s high at 1.1038 level.
EUR/USD retraces its recent gains as the US Dollar (USD) attempts to recover its recent losses. The EUR/USD pair trades lower near 1.0950 major support during the Asian session on Tuesday. A break below could lead the pair to test the psychological level at 1.0900 as the key support region.
A firm collapse below the latter could put downward pressure on the EUR/USD pair to approach the 50-day Exponential Moving Average (EMA) at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867 and a major support at 1.0850.
The 14-day Relative Strength Index (RSI) still lies above the 50 mark, indicating an upward momentum in the EUR/USD pair. However, the lagging indicator Moving Average Convergence Divergence (MACD) line is situated above the centerline but diverging below the signal line, suggesting a potential shift toward a downward trend for the EUR/USD pair. Traders will likely wait for the confirmation before making their bets in the pair.
On the upside, the EUR/USD pair could find the key resistance at the 1.1000 psychological level. A breakthrough above the psychological level could help the EUR/USD pair to reach the previous week’s high at 1.1038 level.
EUR/USD: Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.