EUR/USD Price Analysis: Moves above 1.0850; next barrier at previous week’s high

EUR/USD could retest the previous week’s high of 1.0876.
The resistance zone appears around the 61.8% Fibo level of 1.0883 and the psychological level of 1.0900.
The major level of 1.0850 could act as a key support, followed by the nine-day EMA at 1.0833.

Akhtar Faruqui FXStreet

EUR/USD put efforts to continue its winning streak for the sixth successive session on Tuesday. The pair hovers around 1.0860 during the Asian session. In the daily-frame chart, the pair shows that it is taking support on the nine-day Exponential Moving Average (EMA), which suggests that the pair could move upward to retest the strong resistance at the previous week’s high at 1.0876.

Furthermore, the EUR/USD pair could explore the 61.8% Fibonacci retracement level of 1.0883, followed by the psychological level of 1.0900.

Additionally, technical analysis suggests a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating strength in buying momentum.

The lagging indicator, Moving Average Convergence Divergence (MACD), shows a divergence above the signal line, which indicates gaining strength for the pair. However, it is still positioned below the centreline. So, the traders are likely to await MACD to offer a clear trend direction.

On the downside, the EUR/USD pair could find immediate support at the major level of 1.0850, followed by the nine-day EMA at 1.0833. A break below this level could lead the pair to navigate the region around the psychological level of 1.0800 following the previous week’s low at 1.0724.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price	1.0856
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.0859

Trends
Daily SMA20	1.0847
Daily SMA50	1.083
Daily SMA100	1.0874
Daily SMA200	1.0833

Levels
Previous Daily High	1.0862
Previous Daily Low	1.0821
Previous Weekly High	1.0876
Previous Weekly Low	1.0725
Previous Monthly High	1.0981
Previous Monthly Low	1.0768
Daily Fibonacci 38.2%	1.0846
Daily Fibonacci 61.8%	1.0837
Daily Pivot Point S1	1.0833
Daily Pivot Point S2	1.0806
Daily Pivot Point S3	1.0791
Daily Pivot Point R1	1.0874
Daily Pivot Point R2	1.0889
Daily Pivot Point R3	1.0915

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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