EUR/USD Price Analysis: Potential Test of 1.0800 Psychological Barrier Ahead of 14-Day EMA

The EUR/USD pair shows signs of upward movement, possibly reaching the psychological resistance level at 1.0800. Technical analysis suggests a shift towards positive momentum, with support expected around 1.0750 and the previous week’s low at 1.0722.

In Monday’s Asian session, the EUR/USD pair extended its winning streak for the fifth consecutive session, edging closer to the 1.0790 level. Traders are closely monitoring the key resistance at 1.0800 and the 14-day Exponential Moving Average (EMA) at 1.0810.

A decisive break above the EMA could strengthen the upward momentum, targeting key levels such as the 23.6% Fibonacci retracement level at 1.0821 and the significant barrier at 1.0850. Further upside potential may lead the pair towards the psychological level at 1.0900.

Technical indicators present a mixed outlook, with the 14-day Relative Strength Index (RSI) indicating bearish momentum below the 50 mark. However, the Moving Average Convergence Divergence (MACD) shows signs of convergence below the signal line, suggesting a potential shift towards upside momentum.

Traders may await further confirmation of the directional trend before making trading decisions. On the downside, immediate support is anticipated at 1.0750, followed by 1.0722. A breach below these levels could lead to further downward pressure, potentially targeting the psychological support at 1.0700. Market sentiment will be closely monitored around these levels for potential shifts.

EUR/USD: Daily Chart

EUR/USD: ADDITIONAL TECHNICAL LEVELS