EUR/USD is hovering below the psychological resistance level of 1.0900 in the Asian market hours on Monday. The pair faces downward pressure as investors exercise caution before the Federal Reserve’s upcoming interest rate decision.

Regarding potential price movements, EUR/USD may find immediate support around the 38.2% Fibonacci retracement level of 1.0871, followed by a more significant support level of 1.0850. If the pair breaks below this level, it could test the 50.0% retracement level of 1.0838, with further support anticipated at the psychological level of 1.0800.

From a technical perspective, indicators suggest a bullish sentiment for EUR/USD. The 14-day Relative Strength Index (RSI) indicates strong buying momentum by positioning above the 50 mark. Additionally, the Moving Average Convergence Divergence (MACD) shows a positive divergence above the signal line and remains above the centerline, confirming the bullish momentum for the pair.

On the upside, immediate resistance is expected at the nine-day Exponential Moving Average (EMA) around 1.0897 and the psychological barrier of 1.0900. A breakthrough above this level could propel EUR/USD towards the significant resistance at 1.0950, followed by the previous week’s high at 1.0963.

EUR/USD: Daily Chart


Today last price1.0887
Today Daily Change-0.0002
Today Daily Change %-0.02
Today daily open1.0889
Daily SMA201.0865
Daily SMA501.0852
Daily SMA1001.0858
Daily SMA2001.0838
Previous Daily High1.09
Previous Daily Low1.0873
Previous Weekly High1.0964
Previous Weekly Low1.0873
Previous Monthly High1.0898
Previous Monthly Low1.0695
Daily Fibonacci 38.2%1.089
Daily Fibonacci 61.8%1.0883
Daily Pivot Point S11.0875
Daily Pivot Point S21.0861
Daily Pivot Point S31.0848
Daily Pivot Point R11.0901
Daily Pivot Point R21.0914
Daily Pivot Point R31.0928

Related Post