EUR/USD Price Analysis: Tests nine-day EMA near 1.0450, improved RSI supports upside
23.12.2024, 05:34

EUR/USD Price Analysis: Tests nine-day EMA near 1.0450, improved RSI supports upside

  • EUR/USD faces challenges due to the persistent bearish bias.
  • Further improvement in the 14-day RSI would indicate a weakening bearish bias.
  • The nine-day EMA at the 1.0449 level acts as an immediate barrier.

EUR/USD extends its gains for the third consecutive day, trading around 1.0440 during the Asian hours on Monday. A review of the daily chart shows an ongoing bearish bias as the pair is confined within a descending channel pattern.

The 14-day Relative Strength Index (RSI), a key momentum indicator, is positioned below the 50 level, confirming the persistent bearish sentiment for the EUR/USD pair. However, further improvement would suggest a weakening bearish bias.

Additionally, the nine-day Exponential Moving Average (EMA) is below the 14-day EMA, suggesting the short-term price momentum is weaker, which could mean that the price is likely to continue experiencing downward pressure.

On the downside, the two-year low at 1.0332, which was recorded on November 22, acts as immediate support for the EUR/USD pair. A successful break below this level could reinforce the bearish bias and put downward pressure on the pair to navigate the area around the lower boundary of the descending channel at the 1.0090 level.

In terms of resistance, the EUR/USD pair tests an immediate barrier at the nine-day Exponential Moving Average (EMA) of the 1.0449 level, followed by the 14-day EMA at the 1.0470 level. A breakthrough above these EMAs could lead the pair to approach its six-week high of 1.0630 level.

EUR/USD: Daily Chart

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.08% -0.09% 0.16% -0.08% -0.13% -0.06% 0.10%
EUR 0.08%   -0.04% 0.18% -0.02% 0.02% 0.03% 0.16%
GBP 0.09% 0.04%   0.16% 0.02% 0.06% 0.06% 0.20%
JPY -0.16% -0.18% -0.16%   -0.18% -0.21% -0.19% -0.07%
CAD 0.08% 0.02% -0.02% 0.18%   -0.00% 0.01% 0.17%
AUD 0.13% -0.02% -0.06% 0.21% 0.00%   -0.02% 0.14%
NZD 0.06% -0.03% -0.06% 0.19% -0.01% 0.02%   0.12%
CHF -0.10% -0.16% -0.20% 0.07% -0.17% -0.14% -0.12%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

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