EUR/USD Price Analysis: Moves Above 1.0850; Next Barrier At Previous Week’s High
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- EUR/USD could retest the previous week’s high of 1.0876.
- The resistance zone appears around the 61.8% Fibo level of 1.0883 and the psychological level of 1.0900.
- The major level of 1.0850 could act as a key support, followed by the nine-day EMA at 1.0833.
EUR/USD put efforts to continue its winning streak for the sixth successive session on Tuesday. The pair hovers around 1.0860 during the Asian session. In the daily-frame chart, the pair shows that it is taking support on the nine-day Exponential Moving Average (EMA), which suggests that the pair could move upward to retest the strong resistance at the previous week’s high at 1.0876.
Furthermore, the EUR/USD pair could explore the 61.8% Fibonacci retracement level of 1.0883, followed by the psychological level of 1.0900.
Additionally, technical analysis suggests a bullish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating strength in buying momentum.
The lagging indicator, Moving Average Convergence Divergence (MACD), shows a divergence above the signal line, which indicates gaining strength for the pair. However, it is still positioned below the centreline. So, the traders are likely to await MACD to offer a clear trend direction.
On the downside, the EUR/USD pair could find immediate support at the major level of 1.0850, followed by the nine-day EMA at 1.0833. A break below this level could lead the pair to navigate the region around the psychological level of 1.0800 following the previous week’s low at 1.0724.
EUR/USD: Daily Chart
EUR/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.0856 |
| Today Daily Change | -0.0003 |
| Today Daily Change % | -0.03 |
| Today daily open | 1.0859 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.0847 |
| Daily SMA50 | 1.083 |
| Daily SMA100 | 1.0874 |
| Daily SMA200 | 1.0833 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.0862 |
| Previous Daily Low | 1.0821 |
| Previous Weekly High | 1.0876 |
| Previous Weekly Low | 1.0725 |
| Previous Monthly High | 1.0981 |
| Previous Monthly Low | 1.0768 |
| Daily Fibonacci 38.2% | 1.0846 |
| Daily Fibonacci 61.8% | 1.0837 |
| Daily Pivot Point S1 | 1.0833 |
| Daily Pivot Point S2 | 1.0806 |
| Daily Pivot Point S3 | 1.0791 |
| Daily Pivot Point R1 | 1.0874 |
| Daily Pivot Point R2 | 1.0889 |
| Daily Pivot Point R3 | 1.0915 |
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