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EUR/USD Price Analysis: Moves below 1.0900, next support at nine-day EMA

  • EUR/USD loses ground as US Dollar attempts to rebound.
  • Technical indicators suggest revisiting the major level at 1.0950 near the three-month high.
  • The nine-day EMA at 1.0867 could act as the key support followed by the major level at 1.0850.

EUR/USD retraces the recent gains, trading below the psychological barrier at the 1.0900 level during the Asian session on Friday. The weakening of the Euro could be attributed to the improved US Dollar (USD). The Greenback recovers on the back of improved US Treasury yields.

The nine-day Exponential Moving Average (EMA) at 1.0867 appears to be the key support level aligned with the next major level at 1.0850. and the 23.6% Fibonacci retracement at 1.0842. A decisive break below the support region could push the EUR/USD pair to navigate the psychological level at 1.0800.

The technical indicators for the EUR/USD pair support the current upward trend. The 14-day Relative Strength Index (RSI) above 50 indicates bullish sentiment, indicating that the pair could revisit the major level at 1.0950, nearing the three-month high at 1.0965 level. A breakthrough above the latter could support the bulls of the EUR/USD pair to navigate the resistance area around the 1.1000 psychological level.

Furthermore, the Moving Average Convergence Divergence (MACD) line is above the centerline and the signal line, indicating a bullish momentum in the pair.

EUR/USD: Daily Chart

EUR/USD: more technical levels to watch

Overview
Today last price1.0898
Today Daily Change-0.0008
Today Daily Change %-0.07
Today daily open1.0906
 
Trends
Daily SMA201.0749
Daily SMA501.0649
Daily SMA1001.0793
Daily SMA2001.0809
 
Levels
Previous Daily High1.0931
Previous Daily Low1.0883
Previous Weekly High1.0909
Previous Weekly Low1.0665
Previous Monthly High1.0695
Previous Monthly Low1.0448
Daily Fibonacci 38.2%1.0913
Daily Fibonacci 61.8%1.0901
Daily Pivot Point S11.0882
Daily Pivot Point S21.0859
Daily Pivot Point S31.0834
Daily Pivot Point R11.093
Daily Pivot Point R21.0955
Daily Pivot Point R31.0978

Author

Akhtar Faruqui

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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