The EUR/USD pair faces selling pressure around 1.0780 amid a stronger USD, influenced by hawkish comments from Federal Reserve (Fed) Chairman Jerome Powell. The pair remains in a bearish outlook, trading at 1.0780, down 0.11% for the day during the early European session.

Powell’s statements on Sunday emphasized that a March rate cut is premature, citing the need for more confidence before initiating such a significant step. The technical analysis supports the bearish stance, with EUR/USD positioned below the crucial 100-period Exponential Moving Averages (EMA) on the four-hour chart. The downward slope on the chart aligns with the tower momentum observed in the Relative Strength Index (RSI) below the 50 midlines, indicating a prevailing downside bias.

Looking ahead, market participants await the Services PMI data from Germany and the Eurozone for potential catalysts. The immediate resistance level for EUR/USD is anticipated near the 50-period EMA at 1.0840, followed by the 100-period EMA at 1.0865. A decisive break above may lead to a challenge at 1.0900, marked by the upper boundary of the Bollinger Band and a psychological milestone. Further upside barriers include the high of January 15 at 1.0967, with a notable level at the psychological round figure of 1.1000.

Conversely, initial support rests near the lower limit of the Bollinger Band at 1.0752. A breach could expose the December 8 low at 1.0723, progressing towards the November 9 low at 1.0660.

EUR/USD four-hour chart


Today last price1.0782
Today Daily Change-0.0011
Today Daily Change %-0.10
Today daily open1.0793
Daily SMA201.0885
Daily SMA501.0911
Daily SMA1001.0783
Daily SMA2001.0839
Previous Daily High1.0898
Previous Daily Low1.078
Previous Weekly High1.0898
Previous Weekly Low1.078
Previous Monthly High1.1046
Previous Monthly Low1.0795
Daily Fibonacci 38.2%1.0825
Daily Fibonacci 61.8%1.0853
Daily Pivot Point S11.075
Daily Pivot Point S21.0707
Daily Pivot Point S31.0633
Daily Pivot Point R11.0867
Daily Pivot Point R21.0941
Daily Pivot Point R31.0984

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