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EUR/USD Price Analysis: Depreciates to near 1.0830 followed by 21-day EMA

  • EUR/USD could find immediate support around 21-day EMA at 1.0818 and psychological support of 1.0800 level.
  • The immediate resistance appears around the major level of 1.0850 followed by the 38.2% Fibonacci retracement level of 1.0864.
  • The technical analysis suggests a potential shift towards bullish momentum for the pair.

EUR/USD continues its losing streak for the third successive session as traders exercise caution ahead of the release of key US Personal Consumption Expenditures - Price Index data, which could potentially influence the Federal Reserve's monetary policy stance. The pair edges lower to near 1.0830 during the Asian trading hours on Thursday.

The EUR/USD pair could find the immediate support zone around the 21-day Exponential Moving Average (EMA) at 1.0818 followed by the psychological support of 1.0800 level.

A break below this support zone could prompt the EUR/USD pair to target the further the major level of 1.750 with an aim to navigate the region around the psychological level of 1.0700 aligned with February’s low at 1.0694 level.

Technical analysis indicates a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, signaling strength in the upward momentum.

Moreover, the Moving Average Convergence Divergence (MACD) exhibits a divergence above the signal line, although it remains below the centerline. While a lagging indicator, this suggests a potential transition towards bullish momentum for the EUR/USD pair.

On the upside, the immediate resistance levels for the EUR/USD pair are identified at the major level of 1.0850 followed by the 38.2% Fibonacci retracement level of 1.0864.

A breakthrough above the latter could exert upward support for the pair to retest the psychological resistance area around February's high of 1.0897 and the psychological barrier at 1.0900.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price1.0835
Today Daily Change-0.0003
Today Daily Change %-0.03
Today daily open1.0838
 
Trends
Daily SMA201.0792
Daily SMA501.0879
Daily SMA1001.0819
Daily SMA2001.0828
 
Levels
Previous Daily High1.0847
Previous Daily Low1.0797
Previous Weekly High1.0888
Previous Weekly Low1.0762
Previous Monthly High1.1046
Previous Monthly Low1.0795
Daily Fibonacci 38.2%1.0816
Daily Fibonacci 61.8%1.0828
Daily Pivot Point S11.0807
Daily Pivot Point S21.0777
Daily Pivot Point S31.0757
Daily Pivot Point R11.0858
Daily Pivot Point R21.0878
Daily Pivot Point R31.0908

Author

Akhtar Faruqui

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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