EUR/USD Price Analysis: Improves to near 1.0820 followed by 50-day EMA and a weekly high

EUR/USD could retest resistance around the 50-day EMA at 1.0834 and the weekly high at 1.0838.
Technical indicators suggest a possible transition towards upward momentum.
The key support region appears around the psychological level of 1.0800 and the 14-day EMA at 1.0795.

Akhtar Faruqui FXStreet

EUR/USD extends its winning streak initiated on February 14, with the US Dollar (USD) facing downward pressure due to concerns raised over potential interest rate cuts in the Federal Reserve Meeting Minutes published on Wednesday. As a result, the pair edges higher to around 1.0820 during the Asian session on Thursday.

The EUR/USD pair may ascend toward testing the nearby resistance area, which includes the 50-day Exponential Moving Average (EMA) at 1.0834 and the weekly high at 1.0838. If the pair manages to break above this zone, it could receive further upward momentum, potentially reaching the significant support level at 1.0850, followed by the 38.2% Fibonacci retracement level at 1.0864.

The technical analysis of the EUR/USD pair suggests a possible transition towards upward momentum. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating a bullish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) is situated below the centerline but exhibits a divergence above the signal line. These indicators collectively suggest a potential bullish shift in momentum for the EUR/USD pair.

On the downside, immediate support is evident at the psychological level of 1.0800, coinciding with the 14-day Exponential Moving Average (EMA) at 1.0795. A breach below this EMA could lead the EUR/USD pair to revisit the weekly low around 1.0761, potentially targeting the major support zone near the 1.0750 level, with a possible objective of approaching the psychological support at 1.0700.

EUR/USD: Daily Chart

EUR/USD: other technical levels

Overview
Today last price	1.0826
Today Daily Change	0.0009
Today Daily Change %	0.08
Today daily open	1.0817

Trends
Daily SMA20	1.0792
Daily SMA50	1.089
Daily SMA100	1.0807
Daily SMA200	1.0827

Levels
Previous Daily High	1.0825
Previous Daily Low	1.079
Previous Weekly High	1.0806
Previous Weekly Low	1.0695
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.0811
Daily Fibonacci 61.8%	1.0803
Daily Pivot Point S1	1.0797
Daily Pivot Point S2	1.0776
Daily Pivot Point S3	1.0762
Daily Pivot Point R1	1.0831
Daily Pivot Point R2	1.0845
Daily Pivot Point R3	1.0866

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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