EUR/USD Price Analysis: Falls to near 1.0830 as bearish stance remains robust
08.04.2024, 07:40

EUR/USD Price Analysis: Falls to near 1.0830 as bearish stance remains robust

  • EUR/USD could move downward to retesting the nine-day EMA at 1.0822.
  • Lagging indicators suggest that the bearish stance holds strong.
  • The psychological level of 1.0800 appears as the key support region.

EUR/USD snaps its four-day winning streak, declining to near 1.0830 during the early European hours on Monday. The pair could move downward to retest the nine-day Exponential Moving Average (EMA) at 1.0822.

Additionally, technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned below the 50 mark, indicating weakness in buying momentum.

The Moving Average Convergence Divergence (MACD) remains below the centerline and exhibits a convergence below the signal line. This alignment suggests a momentum shift for the EUR/USD pair. Traders are likely to await confirmation from this lagging indicator to provide a clearer trend direction.

The EUR/USD pair could find immediate support at the psychological level of 1.0800. A break below the latter could exert pressure on the pair to navigate the region around the major level at 1.0750, followed by the previous week’s low at 1.0724.

On the upside, the major level at 1.0850 appears as the immediate resistance, aligned with the 50.0% retracement level at 1.0852. A breakthrough above this level could lead the EUR/USD pair to explore the 61.8% Fibonacci retracement level of 1.0883, followed by the psychological level of 1.0900.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price 1.0831
Today Daily Change -0.0007
Today Daily Change % -0.06
Today daily open 1.0838
 
Trends
Daily SMA20 1.085
Daily SMA50 1.0829
Daily SMA100 1.0875
Daily SMA200 1.0833
 
Levels
Previous Daily High 1.0848
Previous Daily Low 1.0791
Previous Weekly High 1.0876
Previous Weekly Low 1.0725
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0826
Daily Fibonacci 61.8% 1.0813
Daily Pivot Point S1 1.0803
Daily Pivot Point S2 1.0769
Daily Pivot Point S3 1.0747
Daily Pivot Point R1 1.086
Daily Pivot Point R2 1.0882
Daily Pivot Point R3 1.0917

 

 

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