EUR/USD Price Analysis: The Initial Support Level Is Seen At The 1.0800 Mark
The EUR/USD pair trades on a stronger note below the mid-1.0800s during the early European session on Monday. The softer US Dollar (USD) provides some support to the major pair. Investors await the German February Retail Sales and the US Gross Domestic Product (GDP) annualized growth numbers for the fourth quarter for fresh impetus. The US economy is expected to remain steady at 3.2% in Q4. At the press time, EUR/USD is trading at 1.0817, gaining 0.09% on the day.
According to the four-hour chart, the bearish outlook of EUR/USD remains unchanged as the major pair is below the key 100-period Exponential Moving Averages (EMA). Additionally, the downward momentum is further confirmed by the Relative Strength Index (RSI), which lies below the 50-midline, indicating that the path of least resistance is to the downside.
The initial support level for the major pair is seen near a low of March 22 and a round figure at 1.0800. Further south, the next contention level is located near the lower limit of the Bollinger Band at 1.0762. A breach of this level will see a drop to a low of February 16 at 1.0732, followed by the confluence of a low of February and a psychological level at 1.0700.
On the upside, the immediate resistance level will emerge at the 100-period EMA at 1.0870. The decisive break above the latter will expose a high of March 16 at 1.0906. The key upside barrier will emerge at the upper boundary of the Bollinger Band and a high of March 21 at the 1.0940–1.0945 region, en route to a high of March 8 at 1.0981.
EUR/USD four-hour chart
(Click on image to enlarge)
-638469467295758505.png)
EUR/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.0818 |
| Today Daily Change | 0.0010 |
| Today Daily Change % | 0.09 |
| Today daily open | 1.0808 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.0879 |
| Daily SMA50 | 1.0843 |
| Daily SMA100 | 1.087 |
| Daily SMA200 | 1.0839 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.0868 |
| Previous Daily Low | 1.0802 |
| Previous Weekly High | 1.0942 |
| Previous Weekly Low | 1.0802 |
| Previous Monthly High | 1.0898 |
| Previous Monthly Low | 1.0695 |
| Daily Fibonacci 38.2% | 1.0827 |
| Daily Fibonacci 61.8% | 1.0843 |
| Daily Pivot Point S1 | 1.0784 |
| Daily Pivot Point S2 | 1.076 |
| Daily Pivot Point S3 | 1.0718 |
| Daily Pivot Point R1 | 1.085 |
| Daily Pivot Point R2 | 1.0892 |
| Daily Pivot Point R3 | 1.0916 |
More By This Author:
AUD/JPY Faces Some Selling Pressure Near 99.00 Following Japanese CPI DataUSD/CAD Trades On A Weaker Note Above The 1.3500 Mark, Eyes On Canadian Retail Sales Data
GBP/USD Price Analysis: The Immediate Upside Barrier Is Seen At The 1.2800 Mark, BoE Rate Decision Looms
Disclosure: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more
Comments
