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EUR/USD Price Analysis: Falls to near 1.0830 as bearish stance remains robust

  • EUR/USD could move downward to retesting the nine-day EMA at 1.0822.
  • Lagging indicators suggest that the bearish stance holds strong.
  • The psychological level of 1.0800 appears as the key support region.

EUR/USD snaps its four-day winning streak, declining to near 1.0830 during the early European hours on Monday. The pair could move downward to retest the nine-day Exponential Moving Average (EMA) at 1.0822.

Additionally, technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned below the 50 mark, indicating weakness in buying momentum.

The Moving Average Convergence Divergence (MACD) remains below the centerline and exhibits a convergence below the signal line. This alignment suggests a momentum shift for the EUR/USD pair. Traders are likely to await confirmation from this lagging indicator to provide a clearer trend direction.

The EUR/USD pair could find immediate support at the psychological level of 1.0800. A break below the latter could exert pressure on the pair to navigate the region around the major level at 1.0750, followed by the previous week’s low at 1.0724.

On the upside, the major level at 1.0850 appears as the immediate resistance, aligned with the 50.0% retracement level at 1.0852. A breakthrough above this level could lead the EUR/USD pair to explore the 61.8% Fibonacci retracement level of 1.0883, followed by the psychological level of 1.0900.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price1.0831
Today Daily Change-0.0007
Today Daily Change %-0.06
Today daily open1.0838
 
Trends
Daily SMA201.085
Daily SMA501.0829
Daily SMA1001.0875
Daily SMA2001.0833
 
Levels
Previous Daily High1.0848
Previous Daily Low1.0791
Previous Weekly High1.0876
Previous Weekly Low1.0725
Previous Monthly High1.0981
Previous Monthly Low1.0768
Daily Fibonacci 38.2%1.0826
Daily Fibonacci 61.8%1.0813
Daily Pivot Point S11.0803
Daily Pivot Point S21.0769
Daily Pivot Point S31.0747
Daily Pivot Point R11.086
Daily Pivot Point R21.0882
Daily Pivot Point R31.0917

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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