EUR/USD Price Analysis: Aims to break below the major level at 1.0700

EUR/USD could revisit the eight-week high at 1.0756.
Euro could gain ground as the MACD line shows divergence above the signal line.
A break below the psychological support at 1.0700 could push the pair to go under the region near mid-1.0600.

Akhtar Faruqui FXStreet

EUR/USD losses ground for the second successive day, trading lower near 1.0710 aligned with the psychological support level at 1.0700 during the Asian session on Tuesday.

A firm break below the latter could inspire the bears of the EUR/USD pair to navigate the support region around the mid-1.0600 and the 14-day Exponential Moving Average (EMA) at the 1.0631 level.

However, European Central Bank (ECB) President Christine Lagarde's hawkish remarks over the weekend could provide help to the EUR/USD pair to limit the downside.

The EUR/USD pair might gain upward momentum, considering the 14-day Relative Strength Index (RSI) positioned above the 50 level. This indicates bullish momentum and reflects a bias toward a stronger market sentiment.

The Moving Average Convergence Divergence (MACD) line positions above the centerline and shows the divergence above the signal line implying a potential bullish momentum. The bulls could support the EUR/USD pair to revisit the eight-week high marked recently at 1.0756 followed by the 38.2% Fibonacci retracement at 1.0764 level.

EUR/USD: Daily Chart

EUR/USD: other technical levels to watch

Overview
Today last price	1.071
Today Daily Change	-0.0010
Today Daily Change %	-0.09
Today daily open	1.072

Trends
Daily SMA20	1.0595
Daily SMA50	1.0636
Daily SMA100	1.0805
Daily SMA200	1.0806

Levels
Previous Daily High	1.0756
Previous Daily Low	1.0718
Previous Weekly High	1.0747
Previous Weekly Low	1.0517
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0732
Daily Fibonacci 61.8%	1.0742
Daily Pivot Point S1	1.0706
Daily Pivot Point S2	1.0693
Daily Pivot Point S3	1.0668
Daily Pivot Point R1	1.0745
Daily Pivot Point R2	1.077
Daily Pivot Point R3	1.0784

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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