EUR/USD Price Analysis: Edges Lower To Near Major Support At 1.0950 -

EUR/USD Price Analysis: Edges Lower To Near Major Support At 1.0950

Jan 09, 2024Jeremy ParkinsonFinance, No picture0

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EUR/USD retraces its recent gains as the US Dollar trims its intraday losses.

A break below 1.0900 could push the pair to navigate the 50-day EMA at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867.

The psychological level at 1.1000 appears as the key resistance followed by the previous week’s high at 1.1038 level.

EUR/USD retraces its recent gains as the US Dollar (USD) attempts to recover its recent losses. The EUR/USD pair trades lower near 1.0950 major support during the Asian session on Tuesday. A break below could lead the pair to test the psychological level at 1.0900 as the key support region.A firm collapse below the latter could put downward pressure on the EUR/USD pair to approach the 50-day Exponential Moving Average (EMA) at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867 and a major support at 1.0850.The 14-day Relative Strength Index (RSI) still lies above the 50 mark, indicating an upward momentum in the EUR/USD pair. However, the lagging indicator Moving Average Convergence Divergence (MACD) line is situated above the centerline but diverging below the signal line, suggesting a potential shift toward a downward trend for the EUR/USD pair. Traders will likely wait for the confirmation before making their bets in the pair. On the upside, the EUR/USD pair could find the key resistance at the 1.1000 psychological level. A breakthrough above the psychological level could help the EUR/USD pair to reach the previous week’s high at 1.1038 level.EUR/USD: Daily Chart

EUR/USD: MORE TECHNICAL LEVELS TO WATCH

OVERVIEW Today last price 1.095 Today Daily Change -0.0005 Today Daily Change % -0.05 Today daily open 1.0955

TRENDS Daily SMA20 1.0971 Daily SMA50 1.0871 Daily SMA100 1.0763 Daily SMA200 1.0847

LEVELS Previous Daily High 1.0979 Previous Daily Low 1.0923 Previous Weekly High 1.1046 Previous Weekly Low 1.0877 Previous Monthly High 1.114 Previous Monthly Low 1.0724 Daily Fibonacci 38.2% 1.0957 Daily Fibonacci 61.8% 1.0944 Daily Pivot Point S1 1.0925 Daily Pivot Point S2 1.0896 Daily Pivot Point S3 1.0869 Daily Pivot Point R1 1.0981 Daily Pivot Point R2 1.1008 Daily Pivot Point R3 1.1038

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