EUR/USD Price Analysis: Maintains position near 1.0570 ahead of Eurozone CPI
|- EUR/USD trades above the major support at 1.0550 ahead of the Eurozone CPI.
- MACD indicated a shift in momentum towards a bullish trend.
- 21-day EMA emerges as the immediate resistance, followed by the 1.0600 psychological level.
EUR/USD trades lower around the 1.0570 level aligned with the major support at the 1.0550 level, during the Asian session on Wednesday. Investors await the final reading of the Eurozone Harmonized Index of Consumer Prices for September, which is expected to remain consistent.
The weekly low at 1.0508 may serve as key support, aligned with the psychological level of 1.0500.
On the upside, the 21-day Exponential Moving Average (EMA) at 1.0588 stands out as immediate resistance. A breakthrough above this level could propel the EUR/USD pair towards the 1.0600 major level, followed by the 23.6% Fibonacci retracement at the 1.0628 level.
The Moving Average Convergence Divergence (MACD) line is positioned below the centerline, indicating that the short-term average is below the long-term average. However, a notable development is observed as the line diverges above the signal line, suggesting a potential shift in momentum toward a bullish trend.
However, the EUR/USD pair maintains a prevailing bearish momentum, underscored by a weaker bias evident in the 14-day Relative Strength Index (RSI) holding below the 50 level.
EUR/USD: Daily Chart
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