EUR/USD Price Analysis: Hovers Above Major Support At 1.0700 Amid Lukewarm US Dollar
Image Source: Pixabay
- EUR/USD struggles to stay in the green zone amid weaker US Dollar.
- Combined technical indicators support a positive outlook for the pair.
- The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756.
EUR/USD hovers around 1.0710 during the early European session on Thursday, struggling to continue moving in the positive territory amid the weaker US Dollar (USD). The major level at 1.0700 acts as the immediate support for the EUR/USD pair.
A firm break below the latter could push the EUR/USD pair to navigate further support around the nine-day Exponential Moving Average (EMA) at 1.0670, following the 1.0600 psychological level.
On the upside, the pair could revisit the major level at 1.0750 lined up with the weekly high at 1.0756. A firm breakthrough above the level could support the EUR/USD pair to explore the region around the 38.2% Fibonacci retracement at 1.0764.
The Moving Average Convergence Divergence (MACD) line positions above the centerline and the signal line, indicating a bullish momentum in the EUR/USD pair. Additionally, the 14-day Relative Strength Index (RSI) lies above the 50 level, offering upward support. This suggests a bullish momentum and reflects a strong market sentiment for the EUR/USD pair, further reinforcing the positive outlook.
EUR/USD: Daily Chart
(Click on image to enlarge)
EUR/USD: OTHER TECHNICAL LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 1.0708 |
| Today Daily Change | -0.0002 |
| Today Daily Change % | -0.02 |
| Today daily open | 1.071 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.0604 |
| Daily SMA50 | 1.0628 |
| Daily SMA100 | 1.08 |
| Daily SMA200 | 1.0804 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.0716 |
| Previous Daily Low | 1.0659 |
| Previous Weekly High | 1.0747 |
| Previous Weekly Low | 1.0517 |
| Previous Monthly High | 1.0695 |
| Previous Monthly Low | 1.0448 |
| Daily Fibonacci 38.2% | 1.0694 |
| Daily Fibonacci 61.8% | 1.0681 |
| Daily Pivot Point S1 | 1.0674 |
| Daily Pivot Point S2 | 1.0638 |
| Daily Pivot Point S3 | 1.0617 |
| Daily Pivot Point R1 | 1.0731 |
| Daily Pivot Point R2 | 1.0752 |
| Daily Pivot Point R3 | 1.0787 |
More By This Author:
USD/JPY Testing 151.00 As Greenback Climbs For A Third Straight DayOil Sinks As China Outlook Turns Bad
Uber Misses Analyst Expectations For Q3 Sales – Offers Upbeat Guidance
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 ...
more
Comments
