EUR/USD Price Analysis: Moves lower to near 1.0880 followed by the 38.2% Fibonacci level

EUR/USD loses ground as the US Dollar attempts to recover its recent losses.
The lagging indicator MACD suggests a confirmation of the bearish momentum.
The 38.2% Fibonacci retracement at 1.0867 and major support at 1.0850 could act as the immediate support zone.

Akhtar Faruqui FXStreet

EUR/USD trades lower near 1.0880 during the Asian session on Thursday as the US Dollar (USD) makes efforts to retrace its recent losses. The 14-day Relative Strength Index (RSI) for the EUR/USD pair is positioned below the 50 mark, indicating a bearish momentum in the market.

The lagging indicator Moving Average Convergence Divergence (MACD) for the EUR/USD pair indicates a potential confirmation of a downward trend. The MACD line is positioned below the centerline and is diverging below the signal line. This configuration suggests that the short-term moving average is lagging behind the long-term moving average, signaling a potential bearish momentum in the EUR/USD pair.

The 38.2% Fibonacci retracement at the 1.0867 level appears as the immediate support for the EUR/USD pair followed by the major support at the 1.0850 level. A collapse below the major support could lead the pair to navigate the area around psychological support at 1.0800 followed by the 50% retracement level at 1.0787.

On the upside, the psychological level at 1.0900 serves as an immediate barrier, with a major level at 1.0950 further complicating the path. A successful breakthrough above the major barrier could potentially inspire bullish momentum in the pair. If this occurs, the bulls may target the region around the psychological level at 1.1000, and beyond that, they could aim for January's high at 1.1038.

EUR/USD: Daily Chart

EUR/USD: additional technical levels

Overview
Today last price	1.0877
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.088

Trends
Daily SMA20	1.0937
Daily SMA50	1.0921
Daily SMA100	1.0774
Daily SMA200	1.0845

Levels
Previous Daily High	1.0932
Previous Daily Low	1.0847
Previous Weekly High	1.0967
Previous Weekly Low	1.0844
Previous Monthly High	1.114
Previous Monthly Low	1.0724
Daily Fibonacci 38.2%	1.09
Daily Fibonacci 61.8%	1.088
Daily Pivot Point S1	1.0841
Daily Pivot Point S2	1.0802
Daily Pivot Point S3	1.0756
Daily Pivot Point R1	1.0926
Daily Pivot Point R2	1.0971
Daily Pivot Point R3	1.1011

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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