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9 Jan 2024

EUR/USD Price Analysis: Edges lower to near major support at 1.0950

  • EUR/USD retraces its recent gains as the US Dollar trims its intraday losses.
  • A break below 1.0900 could push the pair to navigate the 50-day EMA at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867.
  • The psychological level at 1.1000 appears as the key resistance followed by the previous week’s high at 1.1038 level.

EUR/USD retraces its recent gains as the US Dollar (USD) attempts to recover its recent losses. The EUR/USD pair trades lower near 1.0950 major support during the Asian session on Tuesday. A break below could lead the pair to test the psychological level at 1.0900 as the key support region.

A firm collapse below the latter could put downward pressure on the EUR/USD pair to approach the 50-day Exponential Moving Average (EMA) at 1.0887 followed by the 38.2% Fibonacci retracement level at 1.0867 and a major support at 1.0850.

The 14-day Relative Strength Index (RSI) still lies above the 50 mark, indicating an upward momentum in the EUR/USD pair. However, the lagging indicator Moving Average Convergence Divergence (MACD) line is situated above the centerline but diverging below the signal line, suggesting a potential shift toward a downward trend for the EUR/USD pair. Traders will likely wait for the confirmation before making their bets in the pair. 

On the upside, the EUR/USD pair could find the key resistance at the 1.1000 psychological level. A breakthrough above the psychological level could help the EUR/USD pair to reach the previous week’s high at 1.1038 level.

EUR/USD: Daily Chart

 

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