EUR/USD Price Analysis: Keeps steady above 1.0700 amid shift to upward momentum

EUR/USD holds its position above the psychological level of 1.0700 amid a momentum shift toward an upward trend.
The immediate barrier appears around the major level of 1.0750, aligned with the upper boundary of the descending channel.
A break below 1.0700 could lead the pair toward the support level of 1.0650 and April’s low of 1.0601.

Akhtar Faruqui FXStreet

EUR/USD recovers its recent losses registered in the previous session, trading around 1.0720 during the Asian session on Monday. From a technical perspective, analysis indicates a weakening bearish sentiment for the pair as it continues to advance within the descending channel, breaching the key psychological level of 1.0700.

Furthermore, the lagging indicator Moving Average Convergence Divergence (MACD) suggests a shift toward upward momentum for the EUR/USD pair. Although positioned below the centerline, it exhibits divergence above the signal line.

The EUR/USD pair faces an immediate barrier at the major level of 1.0750, corresponding with the upper boundary of the descending channel. A successful breakthrough above this level could provide upward momentum for the pair, targeting the area near the psychological milestone of 1.0800, followed by April’s high at 1.0885.

On the downside, key support for the EUR/USD pair is anticipated around the psychological threshold of 1.0700, coinciding with major support at 1.0695. A breach below this level could exert downward pressure on the pair, potentially driving it toward the vicinity of the major support level at 1.0650. Further support levels may emerge around April’s low at 1.0601, aligning with the lower boundary of the descending channel.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price	1.0725
Today Daily Change	0.0031
Today Daily Change %	0.29
Today daily open	1.0694

Trends
Daily SMA20	1.0727
Daily SMA50	1.0805
Daily SMA100	1.0848
Daily SMA200	1.0806

Levels
Previous Daily High	1.0753
Previous Daily Low	1.0674
Previous Weekly High	1.0753
Previous Weekly Low	1.0624
Previous Monthly High	1.0981
Previous Monthly Low	1.0768
Daily Fibonacci 38.2%	1.0704
Daily Fibonacci 61.8%	1.0723
Daily Pivot Point S1	1.0661
Daily Pivot Point S2	1.0628
Daily Pivot Point S3	1.0582
Daily Pivot Point R1	1.074
Daily Pivot Point R2	1.0786
Daily Pivot Point R3	1.0819

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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