EUR/USD Price Analysis: Hovers above major support at 1.0700 amid lukewarm US Dollar

EUR/USD struggles to stay in the green zone amid weaker US Dollar.
Combined technical indicators support a positive outlook for the pair.
The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756.

Akhtar Faruqui FXStreet

EUR/USD hovers around 1.0710 during the early European session on Thursday, struggling to continue moving in the positive territory amid the weaker US Dollar (USD). The major level at 1.0700 acts as the immediate support for the EUR/USD pair.

A firm break below the latter could push the EUR/USD pair to navigate further support around the nine-day Exponential Moving Average (EMA) at 1.0670, following the 1.0600 psychological level.

On the upside, the pair could revisit the major level at 1.0750 lined up with the weekly high at 1.0756. A firm breakthrough above the level could support the EUR/USD pair to explore the region around the 38.2% Fibonacci retracement at 1.0764.

The Moving Average Convergence Divergence (MACD) line positions above the centerline and the signal line, indicating a bullish momentum in the EUR/USD pair. Additionally, the 14-day Relative Strength Index (RSI) lies above the 50 level, offering upward support. This suggests a bullish momentum and reflects a strong market sentiment for the EUR/USD pair, further reinforcing the positive outlook.

EUR/USD: Daily Chart

EUR/USD: other technical levels

Overview
Today last price	1.0708
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.071

Trends
Daily SMA20	1.0604
Daily SMA50	1.0628
Daily SMA100	1.08
Daily SMA200	1.0804

Levels
Previous Daily High	1.0716
Previous Daily Low	1.0659
Previous Weekly High	1.0747
Previous Weekly Low	1.0517
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0694
Daily Fibonacci 61.8%	1.0681
Daily Pivot Point S1	1.0674
Daily Pivot Point S2	1.0638
Daily Pivot Point S3	1.0617
Daily Pivot Point R1	1.0731
Daily Pivot Point R2	1.0752
Daily Pivot Point R3	1.0787

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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