Market Analysis

EURUSD Price Analysis: Sustains Position Below Key Psychological Level of 1.0800

Amos Simanungkalit · 01 Apr 20249.3K Views

EUR/USD has trimmed its intraday gains and is currently trading slightly higher around 1.0780 in the Asian session on Monday. The pair may encounter significant resistance at the psychological level of 1.0800.

A breakthrough above this barrier could potentially propel EUR/USD towards the vicinity of the 23.6% Fibonacci retracement level at 1.0818 and the nine-day Exponential Moving Average (EMA) positioned at 1.0820. Further resistance levels include the major level of 1.0850, with psychological resistance expected at 1.0900.

Technical analysis indicates a bearish sentiment prevailing for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is currently situated below the 50 mark, suggesting a lack of strength in buying momentum.

Moreover, the Moving Average Convergence Divergence (MACD) displays a divergence below the signal line and remains below the centerline. While it's a lagging indicator, this configuration confirms the bearish momentum for EUR/USD.

In terms of downside potential, immediate support is observed at March’s low of 1.0767, followed by a major support level at 1.0750.

Paraphrasing text from "FX Street" all rights reserved by the original author.

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