EUR/USD Price Analysis: Edges higher to near 1.0810 followed by a major support level

EUR/USD loses ground on the hawkish remarks by Fed Chair Jerome Powell.
Technical analysis suggests a confirmation of the bearish trend in the pair.
The psychological level at 1.0800 could act as immediate support aligned with January’s low at 1.0794.

Akhtar Faruqui FXStreet

EUR/USD makes an effort to recover recent losses, edging higher to near 1.0810 during the Asian session on Thursday. The EUR/USD pair faces downward pressure following hawkish remarks from Federal Reserve Chairman Jerome Powell. Powell dismissed the possibility of an interest rate cut in March, citing elevated inflation levels and a robust performance of the United States (US) economy.

The major level at 1.0850 may act as immediate resistance for the EUR/USD pair. A successful break above the major level could potentially propel the EUR/USD pair to approach the resistance zone around the 23.6% Fibonacci retracement level at 1.0876 aligned with the 21-day Exponential Moving Average (EMA) at 1.0878. If the pair surpasses the resistance zone, it could inspire the bulls of the EUR/USD pair to explore the region around the psychological barrier at the 1.0900 level.

The technical analysis for the EUR/USD pair shows that the 14-day Relative Strength Index (RSI) is positioned below the 50 mark, signaling a bearish momentum in the market. In addition, the Moving Average Convergence Divergence (MACD), a lagging indicator, suggests a potential confirmation of a downward trend with the MACD line being positioned below the centerline and showing the divergence below the signal line.

Immediate support for the EUR/USD pair can be found at the psychological level of 1.0800, aligning with January's low at 1.0794. A decisive break below this level could strengthen bearish sentiment, potentially navigating toward the major support region at the 1.0750 level.

EUR/USD: Daily Chart

EUR/USD: additional technical levels

Overview
Today last price	1.0809
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.0808

Trends
Daily SMA20	1.0896
Daily SMA50	1.0915
Daily SMA100	1.0779
Daily SMA200	1.0841

Levels
Previous Daily High	1.0888
Previous Daily Low	1.0795
Previous Weekly High	1.0932
Previous Weekly Low	1.0813
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.083
Daily Fibonacci 61.8%	1.0852
Daily Pivot Point S1	1.0773
Daily Pivot Point S2	1.0737
Daily Pivot Point S3	1.068
Daily Pivot Point R1	1.0865
Daily Pivot Point R2	1.0923
Daily Pivot Point R3	1.0958

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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