EUR/USD Price Analysis: Moves below key level at 1.0700 toward seven-day EMA

EUR/USD could reach to seven-day EMA as the Greenback continues the winning streak.
Technical indicators suggest the bullish momentum in the market sentiment.
A successful breach above the 1.0700 psychological level could support the pair to reach 38.2% Fibonacci retracement.

Akhtar Faruqui FXStreet

EUR/USD extends the losing streak, trading lower around 1.0690 during the Asian session on Wednesday. As the US Dollar (USD) continues to gain ground, the EUR/USD pair could reach the seven-day Exponential Moving Average (EMA) at 1.0666, which emerges as the key support, following the 1.0600 psychological level.

A firm break below the latter could push the EUR/USD pair could find support around the psychological level of 1.0550, followed by the previous week's low at 1.0516.

On the upside, the psychological level at 1.0700 acts as the immediate barrier. A firm breakthrough above the level could support the EUR/USD pair to explore the region around the major level at 1.0750 aligned with the 38.2% Fibonacci retracement at 1.0764.

The Moving Average Convergence Divergence (MACD) line positions above the centerline and the signal line implying a bullish momentum in the EUR/USD pair.

However, the EUR/USD pair seems to receive upward support as the 14-day Relative Strength Index (RSI) lies above the 50 level, suggesting bullish momentum and reflecting a strong market sentiment.

EUR/USD: Daily Chart

EUR/USD: more levels to watch

Overview
Today last price	1.0688
Today Daily Change	-0.0007
Today Daily Change %	-0.07
Today daily open	1.0695

Trends
Daily SMA20	1.06
Daily SMA50	1.0632
Daily SMA100	1.0803
Daily SMA200	1.0806

Levels
Previous Daily High	1.0724
Previous Daily Low	1.0664
Previous Weekly High	1.0747
Previous Weekly Low	1.0517
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0687
Daily Fibonacci 61.8%	1.0701
Daily Pivot Point S1	1.0665
Daily Pivot Point S2	1.0635
Daily Pivot Point S3	1.0606
Daily Pivot Point R1	1.0724
Daily Pivot Point R2	1.0753
Daily Pivot Point R3	1.0783

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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