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.

Akhtar Faruqui FXStreet

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 price	1.0736
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.0737

Trends
Daily SMA20	1.0833
Daily SMA50	1.0776
Daily SMA100	1.0803
Daily SMA200	1.0789

Levels
Previous Daily High	1.0816
Previous Daily Low	1.0733
Previous Weekly High	1.0916
Previous Weekly Low	1.08
Previous Monthly High	1.0895
Previous Monthly Low	1.065
Daily Fibonacci 38.2%	1.0765
Daily Fibonacci 61.8%	1.0785
Daily Pivot Point S1	1.0708
Daily Pivot Point S2	1.0679
Daily Pivot Point S3	1.0624
Daily Pivot Point R1	1.0791
Daily Pivot Point R2	1.0846
Daily Pivot Point R3	1.0875

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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