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.

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