EUR/USD Price Analysis: Hovers around the major level of 1.0850 above nine-day EMA

EUR/USD could find immediate support at the nine-day EMA at 1.0832.
The technical analysis suggests a confirmation of bullish momentum for the pair.
The 38.2% Fibonacci retracement of 1.0864 appears to be the key resistance level.

Akhtar Faruqui FXStreet

EUR/USD recovered some of its intraday losses but remains in negative territory, hovering around 1.0850 during the European session on Tuesday. The US Dollar (USD) strengthened against the Euro (EUR) on the improved sentiment of risk aversion.

The EUR/USD pair could find immediate support around the nine-day Exponential Moving Average (EMA) at 1.0832. A break below this level could put downward pressure on the pair to test the psychological support at 1.0800 aligned with the previous week’s low at 1.0795. Further support appears at the major level of 1.0750 if the pair surpasses the latter.

Technical analysis indicates a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark. Moreover, the Moving Average Convergence Divergence (MACD) exhibits a divergence above the signal line and lies above the centerline. While a lagging indicator, this suggests a confirmation of the bullish momentum for the EUR/USD pair.

On the upside, the immediate resistance levels for the EUR/USD pair are identified at the 38.2% Fibonacci retracement of 1.0864. A break above this level could exert support for the pair to revisit February’s high at 1.0897, in conjunction with the psychological resistance at 1.0900.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price	1.0847
Today Daily Change	-0.0009
Today Daily Change %	-0.08
Today daily open	1.0856

Trends
Daily SMA20	1.0797
Daily SMA50	1.0868
Daily SMA100	1.0828
Daily SMA200	1.083

Levels
Previous Daily High	1.0867
Previous Daily Low	1.0838
Previous Weekly High	1.0866
Previous Weekly Low	1.0796
Previous Monthly High	1.0898
Previous Monthly Low	1.0695
Daily Fibonacci 38.2%	1.0856
Daily Fibonacci 61.8%	1.0849
Daily Pivot Point S1	1.084
Daily Pivot Point S2	1.0824
Daily Pivot Point S3	1.0811
Daily Pivot Point R1	1.0869
Daily Pivot Point R2	1.0883
Daily Pivot Point R3	1.0899

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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