EUR/USD Price Analysis: Rebounds ahead of German data, holds above 1.0900
- EUR/USD recovers its recent losses on prevailing upward movement.
- Technical indicators suggest positive sentiment to revisit the psychological resistance at the 1.1000 level and the two-month high at 1.1017.
- The break below 1.0900 could push the pair to meet the 23.6% Fibo at 1.0884 and seven-day EMA at 1.0881.
EUR/USD retraces its recent losses ahead of German data scheduled to be released on Monday. The EUR/USD pair trades higher around 1.0910 during the Asian session.
The technical indicators for the EUR/USD pair favor the prevailing upward movement. With the 14-day Relative Strength Index (RSI) staying above the 50 mark, there's a positive sentiment suggesting a potential re-testing of the psychological resistance at the 1.1000 level followed by the two-month high at 1.1017.
Additionally, the Moving Average Convergence Divergence (MACD) suggests the overall positive momentum as the MACD line is positioned above the centerline and the signal line. This shows a potential for an upward trend, which could influence the EUR/USD pair to break above the barrier to explore the major level at 1.1050.
On the downside, the psychological level at 1.0900 appears as the key support followed by the 23.6% Fibonacci retracement level at 1.0884 and the seven-day Exponential Moving Average (EMA) at 1.0881.
A firm break below the support region could put pressure on the bears of the EUR/USD pair to navigate the psychological area around 38.2% Fibonacci retracement at 1.0801.
EUR/USD: Daily Chart
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.
