EUR/USD Price Analysis: Hovers below the psychological resistance of 1.0900
18.03.2024, 06:10

EUR/USD Price Analysis: Hovers below the psychological resistance of 1.0900

  • EUR/USD may encounter immediate support around the 38.2% Fibonacci retracement level of 1.0871.
  • Technical analysis indicates a potential confirmation of bullish momentum for the pair.
  • The immediate resistance area is expected near the nine-day EMA at 1.0897 and the psychological level of 1.0900.

EUR/USD edges lower to near 1.0890 during the Asian market hours on Monday. The pair receives downward pressure as the market adopts caution ahead of the Federal Reserve’s (Fed) interest rate decision.

The EUR/USD pair could meet the immediate support at 38.2% Fibonacci retracement level of 1.0871, followed by the major support of 1.0850. A break below this level could push the pair to test the further 50.0% retracement level of 1.0838. Further support should have appeared at the psychological level of 1.0800.

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. Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence above the signal line and remains above the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bullish momentum for the EUR/USD pair.

On the upside, the immediate resistance appears at the nine-day Exponential Moving Average (EMA) at 1.0897, aligned with the psychological level of 1.0900. A break above the latter could lead the EUR/USD pair to navigate the major barrier at 1.0950, followed by the previous week’s high at 1.0963.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price 1.0887
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 1.0889
 
Trends
Daily SMA20 1.0865
Daily SMA50 1.0852
Daily SMA100 1.0858
Daily SMA200 1.0838
 
Levels
Previous Daily High 1.09
Previous Daily Low 1.0873
Previous Weekly High 1.0964
Previous Weekly Low 1.0873
Previous Monthly High 1.0898
Previous Monthly Low 1.0695
Daily Fibonacci 38.2% 1.089
Daily Fibonacci 61.8% 1.0883
Daily Pivot Point S1 1.0875
Daily Pivot Point S2 1.0861
Daily Pivot Point S3 1.0848
Daily Pivot Point R1 1.0901
Daily Pivot Point R2 1.0914
Daily Pivot Point R3 1.0928

 

 

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