EUR/USD Price Analysis: Advances to near 1.0870 followed by barrier around 21-day EMA

EUR/USD extends gains towards the immediate resistance at the 21-day EMA at 1.0882.
Technical analysis suggests a direction shift towards bullish sentiment for the pair.
A break above 1.0900 could lead the pair to reach the resistance zone around the 38.2% Fibonacci retracement.

Akhtar Faruqui FXStreet

EUR/USD consolidates on recent losses registered in the previous session, hovering around 1.0870 during the Asian session on Friday. The EUR/USD pair could find the immediate resistance zone around the 21-day Exponential Moving Average (EMA) at 1.0882 followed by the psychological level at 1.0900.

A firm break above the resistance zone could support the EUR/USD pair to navigate the region around the 38.2% Fibonacci retracement level at 1.0919 followed by the major barrier at 1.0950 level.

However, the technical analysis for the EUR/USD pair shows a bearish momentum in the market with the 14-day Relative Strength Index (RSI) positioned below the 50 mark.

Moreover, the Moving Average Convergence Divergence (MACD), a lagging indicator, suggests a shift in the pair's direction with the MACD line positioned below the centerline and showing a convergence below the signal line. Traders could wait for the MACD confirmation before making aggressive bets in the EUR/USD pair.

The immediate support for the EUR/USD pair can be found at the major level at 1.0850 following the psychological support of the 1.0800 level. A decisive break below the latter could prompt the pair to retest the weekly low at 1.0779 and could approach the major support level at 1.0750.

EUR/USD: Daily Chart

EUR/USD: additional technical levels

Overview
Today last price	1.0874
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0872

Trends
Daily SMA20	1.0892
Daily SMA50	1.0914
Daily SMA100	1.0782
Daily SMA200	1.084

Levels
Previous Daily High	1.0875
Previous Daily Low	1.078
Previous Weekly High	1.0932
Previous Weekly Low	1.0813
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.0839
Daily Fibonacci 61.8%	1.0816
Daily Pivot Point S1	1.0809
Daily Pivot Point S2	1.0747
Daily Pivot Point S3	1.0715
Daily Pivot Point R1	1.0904
Daily Pivot Point R2	1.0937
Daily Pivot Point R3	1.0999

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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