EUR/USD Price Analysis: Treads water below the major resistance of 1.0950

EUR/USD could test the immediate resistance of the 1.0950 level.
A break above the eight-week high of 1.0981 could lead the pair to test the psychological barrier of 1.1000.
The key support area appears around the 23.6% Fibonacci retracement of 1.0913 and the psychological level of 1.0900.

Akhtar Faruqui FXStreet

EUR/USD exhibits sideways movement amid a stable US Dollar (USD) following the upbeat US Nonfarm Payrolls released on Friday. The pair hovers around 1.0940 during the Asian trading hours on Monday, with an immediate resistance barrier at 1.0950 level followed by the eight-week high of 1.0981, marked in the previous session.

Technical analysis indicates a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark. Moreover, the Moving Average Convergence Divergence (MACD) exhibits a divergence above the signal line and lies above the centerline. While a lagging indicator, this suggests a confirmation of the bullish momentum for the EUR/USD pair.

If there is a breakthrough above the recent highs, the EUR/USD pair may receive upward support, potentially testing the psychological barrier of 1.1000. Further exploration could lead to the area around January’s high of 1.1038 if surpassed.

On the downside, the EUR/USD pair could find the key support at 23.6% Fibonacci retracement of 1.0913 followed by the psychological level of 1.0900. A break below the latter could push the pair to test the nine-day Exponential Moving Average (EMA) at 1.0892 before the 38.2% Fibonacci retracement level of 1.0871 and the major support of 1.0850 level.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price	1.094
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	1.0936

Trends
Daily SMA20	1.0824
Daily SMA50	1.0856
Daily SMA100	1.0842
Daily SMA200	1.0834

Levels
Previous Daily High	1.0981
Previous Daily Low	1.0919
Previous Weekly High	1.0981
Previous Weekly Low	1.0838
Previous Monthly High	1.0898
Previous Monthly Low	1.0695
Daily Fibonacci 38.2%	1.0943
Daily Fibonacci 61.8%	1.0957
Daily Pivot Point S1	1.091
Daily Pivot Point S2	1.0883
Daily Pivot Point S3	1.0847
Daily Pivot Point R1	1.0972
Daily Pivot Point R2	1.1008
Daily Pivot Point R3	1.1034

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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