EUR/USD Price Analysis: Retreats From The Weekly High To Near 1.0770

Bank Note, Euro, Bills, Paper Money

Image Source: Pixabay

  • EUR/USD could approach the major support at 1.0750 following February’s low at 1.0694.
  • The resistance zone could be found around the 21-day EMA at 1.0798 and the 23.6% Fibonacci retracement at 1.0799.
  • Traders may await the lagging indicator MACD to confirm a directional trend.

EUR/USD retreats from the weekly high of 1.0789, which was recorded on Monday, snapping a four-day winning streak. The pair trades lower around 1.0770 during the Asian hours on Tuesday with positioning above the immediate support at the psychological level of 1.0750.

A break below the latter could put weight on the EUR/USD pair to navigate the further support region around the psychological level of 1.0700, in conjunction with February’s low at 1.0694, which was observed on February 14.

The EUR/USD pair could find the key resistance zone around the 21-day Exponential Moving Average (EMA) at 1.0798 lined up with the 23.6% Fibonacci retracement at 1.0799 and the psychological level of 1.0800.

A firm breakthrough above the resistance zone could exert upward support on the EUR/USD pair to explore the further major barrier at 1.0850, to revisit February’s high at 1.0897 aligned with the psychological level of 1.0900.

The technical analysis of the EUR/USD pair suggests a mixed outlook in the market. The 14-day Relative Strength Index (RSI) is below the 50 mark, indicating a bearish momentum. However, the lagging indicator Moving Average Convergence Divergence (MACD), although still below the centerline, is above the signal line, suggesting a tepid momentum in the market.

Given these conflicting signals, market participants may choose to await further confirmation from the MACD indicator on the directional trend for the EUR/USD pair.

EUR/USD: Daily Chart


Today last price 1.0768
Today Daily Change -0.0011
Today Daily Change % -0.10
Today daily open 1.0779


Daily SMA20 1.0797
Daily SMA50 1.0891
Daily SMA100 1.08
Daily SMA200 1.0827


Previous Daily High 1.079
Previous Daily Low 1.0762
Previous Weekly High 1.0806
Previous Weekly Low 1.0695
Previous Monthly High 1.1046
Previous Monthly Low 1.0795
Daily Fibonacci 38.2% 1.0779
Daily Fibonacci 61.8% 1.0773
Daily Pivot Point S1 1.0765
Daily Pivot Point S2 1.075
Daily Pivot Point S3 1.0737
Daily Pivot Point R1 1.0792
Daily Pivot Point R2 1.0804
Daily Pivot Point R3 1.0819

More By This Author:

GBP/USD Edges Lower To Near 1.2580 On improved US Dollar, UK PMI, FOMC Minutes Awaited
AUD/USD Loses Ground Below The Mid-0.6500s, Eyes On RBA Meeting Minutes, PBoC Rate Decision
AUD/USD Buckles Down Ahead Of RBA, Testing 0.6550

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.