EUR/USD Price Analysis: Hovers above 1.0900 followed by the 23.6% Fibonacci level


  • EUR/USD could find immediate resistance at 23.6% Fibonacci retracement level at 1.0913.
  • A breakthrough above the 14-day EMA at 1.0922 could lead the pair to reach the major level at 1.0950.
  • A break below the psychological level at 1.0900 could push the pair to revisit the monthly low at 1.0884.

EUR/USD extends its gains on the second successive day, trading around 1.0910 during the Asian hours on Monday. The EUR/USD pair receives upward support on an improved risk appetite sentiment ahead of the European Central Bank's (ECB) January monetary policy meeting scheduled to be released on Thursday.

The 23.6% Fibonacci retracement level at 1.0913 acts as an immediate barrier followed by the 14-day Exponential Moving Average (EMA) at 1.0922. If the EUR/USD pair surpasses the latter, it could approach the major level at 1.0950 followed by the 38.2% Fibonacci retracement level at 1.0957.

The 14-day Relative Strength Index (RSI), which serves as a momentum oscillator measuring the speed and change of price movements, is positioned below the 50 mark, suggesting a tendency towards bearish sentiment in the market.

Additionally, the trend-following momentum indicator suggests a confirmation of the bearish trend in the EUR/USD pair as the “Moving Average Convergence Divergence (MACD)” line lies below the centreline and shows a divergence below the signal line.

The EUR/USD pair faces immediate support at the psychological level of 1.0900. A firm collapse below the level could lead the pair to navigate the monthly low at 1.0884 followed by the major support at 1.0850 level.

EUR/USD: Daily Chart

EUR/USD: more technical levels to watch

Overview
Today last price 1.0902
Today Daily Change 0.0007
Today Daily Change % 0.06
Today daily open 1.0895
 
Trends
Daily SMA20 1.0965
Daily SMA50 1.0918
Daily SMA100 1.077
Daily SMA200 1.0846
 
Levels
Previous Daily High 1.0896
Previous Daily Low 1.0866
Previous Weekly High 1.0967
Previous Weekly Low 1.0844
Previous Monthly High 1.114
Previous Monthly Low 1.0724
Daily Fibonacci 38.2% 1.0885
Daily Fibonacci 61.8% 1.0877
Daily Pivot Point S1 1.0875
Daily Pivot Point S2 1.0855
Daily Pivot Point S3 1.0844
Daily Pivot Point R1 1.0906
Daily Pivot Point R2 1.0917
Daily Pivot Point R3 1.0937

 

 

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