EUR/USD Price Analysis: Edges lower to near 1.0910, MACD suggests trend change to bearish

EUR/USD retraces its recent gains as the US Dollar gains ground on risk aversion.
MACD indicates a momentum shift towards a bearish sentiment in the pair.
The psychological level at 1.0900 and the 50-day EMA at 1.0897 could act as a potential support region.

Akhtar Faruqui FXStreet

EUR/USD trades lower near 1.0910 during the Asian session on Tuesday as US Dollar (USD) gains ground on risk aversion sentiment and upbeat US bond yields. The 14-day Relative Strength Index (RSI) for the EUR/USD pair is positioned below the 50 mark, indicating a bearish momentum in the market.

The Moving Average Convergence Divergence (MACD) line, despite being situated above the centerline, is diverging below the signal line. This suggests a potential shift in momentum towards a downward trend for the EUR/USD pair. Traders are expected to approach the situation with caution and may prefer to await confirmation before making trading decisions in the pair. It is important to consider the signals provided by this lagging indicator when assessing the market conditions.

The psychological level at 1.0900 could act as an immediate support aligned with the 50-day Exponential Moving Average (EMA) at 1.0897. A break below the support zone could put pressure on the EUR/USD pair to navigate the further region around the 38.2% Fibonacci retracement at 1.0867 level followed by the major support at 1.0850 level.

On the upside, the major level at 1.0950 appears to be the key resistance. A breakthrough above the latter could inspire the EUR/USD pair’s bulls to explore the region around the psychological level at 1.1000 followed by January’s high at 1.1038.

EUR/USD: Daily Chart

EUR/USD: other technical levels to watch

Overview
Today last price	1.0913
Today Daily Change	-0.0039
Today Daily Change %	-0.36
Today daily open	1.0952

Trends
Daily SMA20	1.0985
Daily SMA50	1.0902
Daily SMA100	1.0769
Daily SMA200	1.0848

Levels
Previous Daily High	1.0967
Previous Daily Low	1.0934
Previous Weekly High	1.1004
Previous Weekly Low	1.091
Previous Monthly High	1.114
Previous Monthly Low	1.0724
Daily Fibonacci 38.2%	1.0955
Daily Fibonacci 61.8%	1.0946
Daily Pivot Point S1	1.0934
Daily Pivot Point S2	1.0917
Daily Pivot Point S3	1.09
Daily Pivot Point R1	1.0968
Daily Pivot Point R2	1.0985
Daily Pivot Point R3	1.1002

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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