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EUR/USD Price Analysis: Remains below 1.0750 after breaking below the rectangle formation

  • The EUR/USD pair could test a level of 1.0700 following the throwback support level of 1.0601.
  • Technical analysis of the daily chart suggests a bearish bias for the pair.
  • The immediate barrier appears at the lower boundary of the rectangle formation around the 50-day EMA at 1.0802.

EUR/USD extends its losses for the second consecutive day, trading around 1.0730 during the Asian session on Friday. A technical analysis of a daily chart suggests a bearish bias for the pair, as it struggles below the lower threshold of a rectangle formation.

Additionally, the momentum indicator 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting a confirmation of a bearish bias for the EUR/USD pair.

The EUR/USD pair could find immediate support at the psychological level of 1.0700. A break below this level could exert downward pressure on the pair to test the throwback support level of 1.0601.

On the upside, the EUR/USD pair could re-test the lower boundary of the rectangle formation around the 50-day Exponential Moving Average (EMA) at 1.0802. A return to the rectangle formation could weaken the bearish bias and reinforce the pair to explore the psychological level of 1.0900, aligned with the upper boundary of the rectangle formation around the level of 1.0905.

A breakthrough above the latter could support the pair to explore the region around March’s high of 1.0981.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price1.0736
Today Daily Change-0.0001
Today Daily Change %-0.01
Today daily open1.0737
 
Trends
Daily SMA201.0833
Daily SMA501.0776
Daily SMA1001.0803
Daily SMA2001.0789
 
Levels
Previous Daily High1.0816
Previous Daily Low1.0733
Previous Weekly High1.0916
Previous Weekly Low1.08
Previous Monthly High1.0895
Previous Monthly Low1.065
Daily Fibonacci 38.2%1.0765
Daily Fibonacci 61.8%1.0785
Daily Pivot Point S11.0708
Daily Pivot Point S21.0679
Daily Pivot Point S31.0624
Daily Pivot Point R11.0791
Daily Pivot Point R21.0846
Daily Pivot Point R31.0875

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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