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EUR/USD Price Analysis: Rises to near 1.0810 followed by the barrier at 50-day EMA

  • EUR/USD could test the resistance zone around the 50-day EMA and a three-week high.
  • A break above the major level of 1.0850 could lead the pair to reach a 38.2% Fibonacci retracement at 1.0864.
  • Technical indicators suggest a momentum shift towards an upward direction.

EUR/USD continues its winning streak that began on February 14 as the US Dollar (USD) receives downward pressure, which in turn, underpins the EUR/USD pair. The pair edges higher around 1.0810 during the Asian session on Wednesday.

The EUR/USD pair could rise to test the immediate resistance zone around the 50-day Exponential Moving Average (EMA) at 1.0834 and the three-week high at 1.0838. A breakthrough above this zone could exert upward support for the pair to reach the major support at 1.0850 followed by the 38.2% Fibonacci retracement level at 1.0864.

The technical analysis of the EUR/USD pair indicates a potential shift towards upward momentum. While the 14-day Relative Strength Index (RSI) sits at the 50 mark, signaling a neutral stance, the Moving Average Convergence Divergence (MACD) lies below the centreline but shows a divergence above the signal line. Traders may await further confirmation from the MACD to determine a clear directional trend.

On the downside, the immediate support appears at the psychological level at 1.0800 followed by the recent low at 1.0761 recorded on Tuesday. A break below the latter could put downward pressure on the EUR/USD pair to navigate the major support level of 1.0750 with an aim to approach the psychological support at 1.0700.

EUR/USD: Daily Chart

EUR/USD: Other important levels to watch

Overview
Today last price1.0816
Today Daily Change0.0006
Today Daily Change %0.06
Today daily open1.081
 
Trends
Daily SMA201.0795
Daily SMA501.0891
Daily SMA1001.0804
Daily SMA2001.0827
 
Levels
Previous Daily High1.0839
Previous Daily Low1.0762
Previous Weekly High1.0806
Previous Weekly Low1.0695
Previous Monthly High1.1046
Previous Monthly Low1.0795
Daily Fibonacci 38.2%1.0809
Daily Fibonacci 61.8%1.0791
Daily Pivot Point S11.0769
Daily Pivot Point S21.0727
Daily Pivot Point S31.0692
Daily Pivot Point R11.0846
Daily Pivot Point R21.0881
Daily Pivot Point R31.0923

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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