EUR/USD Price Analysis: Extends gains to near 1.0760 despite a bearish sentiment

EUR/USD could gain further towards the psychological barrier at the 1.0800 level.
Technical analysis suggests a confirmation of a bearish sentiment for the pair.
The pair can find the major support around 1.0750 followed by the weekly low at 1.0722.

Akhtar Faruqui FXStreet

EUR/USD edges higher to near 1.0760 during the Asian session on Wednesday, extending gains for the second session. The psychological level at 1.0800 appears to be the key resistance followed by the 23.6% Fibonacci retracement level at 1.0820.

A breakthrough above the latter could exert upward pressure for the EUR/USD pair to reach the 21-day Exponential Moving Average (EMA) at the 1.0845 level aligned with the major barrier at the 1.0850 level. If the pair breaches the major level, it will navigate the region around the psychological level at 1.0900.

Technical analysis of the EUR/USD pair indicates a bearish momentum in the market, as evidenced by the 14-day Relative Strength Index (RSI) positioned below the 50 mark. Furthermore, the Moving Average Convergence Divergence (MACD), a lagging indicator, suggests a confirmation of this bearish sentiment, with the MACD line positioned below the centerline and exhibiting divergence below the signal line. These signals suggest a prevailing downward trend for the EUR/USD pair, indicating potential selling pressure in the market.

On the downside, the immediate support for the EUR/USD pair can be found at the psychological level at 1.0750 followed by the weekly low at 1.0722 recorded on Tuesday. A decisive break below the weekly low could put downward pressure on the pair to navigate the area around the psychological support at the 1.0700 level.

EUR/USD: Daily Chart

(Note: The story was corrected at 4:55 GMT on Wednesday to say "bearish sentiment" instead of "bullish sentiment" in the second bullet point.)

EUR/USD: additional technical levels

Overview
Today last price	1.0758
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.0757

Trends
Daily SMA20	1.0866
Daily SMA50	1.0902
Daily SMA100	1.0784
Daily SMA200	1.0836

Levels
Previous Daily High	1.0762
Previous Daily Low	1.0723
Previous Weekly High	1.0898
Previous Weekly Low	1.078
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.0747
Daily Fibonacci 61.8%	1.0738
Daily Pivot Point S1	1.0732
Daily Pivot Point S2	1.0708
Daily Pivot Point S3	1.0692
Daily Pivot Point R1	1.0772
Daily Pivot Point R2	1.0787
Daily Pivot Point R3	1.0812

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.

EUR/USD looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold retains positive bias amid sustained safe-haven flows and modest USD pullback

Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.