• Mon. May 20th, 2024

EUR/USD Price Analysis: Depreciates to near 1.0820 before the 21-day EMA

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  • EUR/USD could meet the immediate support at the 21-day EMA at 1.0808.
  • Technical analysis suggests a momentum shift toward upward momentum.
  • The key support region appears around the major barrier at 1.0850 and the 38.2% Fibonacci retracement level at 1.0864.

EUR/USD snaps its winning streak initiated on February 14, with the US Dollar (USD) maintaining its position, supported by hawkish remarks from the Federal Reserve’s (Fed) officials on prolonging elevated interest rates. As a result, the EUR/USD pair inches lower to around 1.0820 during the Asian session on Monday.

The immediate support is evident at the 21-day Exponential Moving Average (EMA) at 1.0808, coinciding with the psychological level of 1.0800. A breach below the latter could prompt the EUR/USD pair to navigate the region around 1.0750 following the psychological level of 1.0700, in conjunction with the three-month low at 1.0694.

However, the technical analysis of the EUR/USD pair suggests a bullish sentiment as the 14-day Relative Strength Index (RSI) is positioned above the 50 mark.

Additionally, the Moving Average Convergence Divergence (MACD) is situated below the centerline but exhibits a divergence above the signal line. This lagging indicator suggests a potential transition toward bullish momentum for the EUR/USD pair.

On the upside, the EUR/USD pair may ascend toward testing the key resistance area around the major barrier at 1.0850 and the 38.2% Fibonacci retracement level at 1.0864. A break above this area could lead the EUR/USD pair to retest the previous week’s high at 1.0888 followed by the psychological level of 1.0900.

EUR/USD: Daily Chart

EUR/USD

OVERVIEW
Today last price 1.0822
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.0822
TRENDS
Daily SMA20 1.079
Daily SMA50 1.0885
Daily SMA100 1.0812
Daily SMA200 1.0827
LEVELS
Previous Daily High 1.084
Previous Daily Low 1.0812
Previous Weekly High 1.0888
Previous Weekly Low 1.0762
Previous Monthly High 1.1046
Previous Monthly Low 1.0795
Daily Fibonacci 38.2% 1.0829
Daily Fibonacci 61.8% 1.0822
Daily Pivot Point S1 1.081
Daily Pivot Point S2 1.0797
Daily Pivot Point S3 1.0782
Daily Pivot Point R1 1.0837
Daily Pivot Point R2 1.0852
Daily Pivot Point R3 1.0865
On Key

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