EUR/USD Price Analysis: Struggles to halt the losing streak near 1.0500

EUR/USD attempts to stay above the 1.0500 psychological level.
Momentum indicators suggest a potential bearish sentiment in the market.
The region around January’s low could act as a key support.

Akhtar Faruqui FXStreet

EUR/USD attempts to snap the losing streak that began on September 19, hovering around 1.0500 psychological level during the Asian session on Thursday. The pair is under pressure due to risk aversion, coupled with upbeat US Treasury yields and economic data.

On Wednesday, Germany’s downbeat Gfk Consumer Confidence Survey exerted pressure on the EUR/USD pair. The consumer sentiment revealed a decline of -26.5 in October from -25.6 prior.

The current downward momentum in EUR/USD appears to have a potential bearish bias, given that the 14-day Relative Strength Index (RSI) remains below the 50 level. However, there is a support region around January’s low at 1.0481 that may pose a challenge for further losses.

If there's a breakthrough below the level, it could lead the EUR/USD bears to navigate the area around the psychological level at 1.0450.

On the upside, the EUR/USD pair may encounter significant resistance levels in its price movement. The seven-day Exponential Moving Average (EMA) at 1.0575 could act as a barrier, followed by the 1.0600 psychological level.

If the pair breaks above the latter, it may then explore the region around the 23.6% Fibonacci retracement at 1.0673.

The Moving Average Convergence Divergence (MACD) indicator is providing a bearish signal for the EUR/USD pair. The MACD line lies below the centerline and the signal line. This configuration suggests that there is potentially weak momentum in the price movement.

EUR/USD: Daily Chart

EUR/USD: additional important level

Overview
Today last price	1.0509
Today Daily Change	0.0006
Today Daily Change %	0.06
Today daily open	1.0503

Trends
Daily SMA20	1.069
Daily SMA50	1.0845
Daily SMA100	1.0865
Daily SMA200	1.0829

Levels
Previous Daily High	1.0575
Previous Daily Low	1.0488
Previous Weekly High	1.0737
Previous Weekly Low	1.0615
Previous Monthly High	1.1065
Previous Monthly Low	1.0766
Daily Fibonacci 38.2%	1.0521
Daily Fibonacci 61.8%	1.0542
Daily Pivot Point S1	1.0469
Daily Pivot Point S2	1.0435
Daily Pivot Point S3	1.0383
Daily Pivot Point R1	1.0556
Daily Pivot Point R2	1.0608
Daily Pivot Point R3	1.0642

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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