EUR/USD Price Analysis: Tests the major level of 1.0650; followed by the nine-day EMA
Trending Articles- Gold Price Trend Forecast: Why Did Gold Prices Fall After US CPI Cooled? Fed Chair Speech and Iran Situation Become Obstacles
- Gold Price Trend Forecast: June CPI Plus Fed Chair Congressional Testimony, Can Gold Price Hold Above $4,000?
- Gold slides back closer to $4,050 as Iran risks and Fed hike bets boost USD
- Gold recovers above $4,100 as traders assess US-Iran conflict
- WTI rally takes a timeout amid signs of US-Iran war de-escalation
- Today’s Market Recap: Unexpected PPI Drop Boosts Markets, Apple Hits All-Time High, AI Hardware Stocks Remain Under Pressure, Micron, SanDisk Slump
■ EUR/USD remains tepid around the major level amid a bearish sentiment.
■ A breach below the 1.0600 level may lead the pair toward November’s low at 1.0517.
■ The nine-day EMA at 1.0675 appears as the immediate barrier.
EUR/USD remains lackluster during the Asian trading hours on Tuesday, hovering near 1.0650. From a technical perspective, analysis suggests a bearish sentiment for the pair as it struggles below the pullback resistance at the 1.0695 level. The 14-day Relative Strength Index (RSI) also remains below the 50 mark.
Moreover, the lagging indicator, Moving Average Convergence Divergence (MACD), indicates weakness for the EUR/USD pair as it resides below the centerline and the signal line. Key support for the pair could be found around the psychological level of 1.0600.
A breach below this level may exert downward pressure on the pair, leading it towards the region around the major support level of 1.0550, followed by November’s low at 1.0517.
On the upside, the immediate barrier for the EUR/USD pair could be the nine-day Exponential Moving Average (EMA) at 1.0675. A breakthrough above this level could lead the pair to reach the 1.0695 level, aligning with the 23.6% Fibonacci retracement level drawn between 1.0981 and 1.0606.
Further resistance aligns with the psychological level of 1.0700. A breakthrough above this region could potentially strengthen the recovery sentiment for the pair.
EUR/USD: Daily Chart
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
