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25 Jan 2024

EUR/USD Price Analysis: Moves lower to near 1.0880 followed by the 38.2% Fibonacci level

  • EUR/USD loses ground as the US Dollar attempts to recover its recent losses.
  • The lagging indicator MACD suggests a confirmation of the bearish momentum.
  • The 38.2% Fibonacci retracement at 1.0867 and major support at 1.0850 could act as the immediate support zone.

EUR/USD trades lower near 1.0880 during the Asian session on Thursday as the US Dollar (USD) makes efforts to retrace its recent losses. The 14-day Relative Strength Index (RSI) for the EUR/USD pair is positioned below the 50 mark, indicating a bearish momentum in the market.

The lagging indicator Moving Average Convergence Divergence (MACD) for the EUR/USD pair indicates a potential confirmation of a downward trend. The MACD line is positioned below the centerline and is diverging below the signal line. This configuration suggests that the short-term moving average is lagging behind the long-term moving average, signaling a potential bearish momentum in the EUR/USD pair.

The 38.2% Fibonacci retracement at the 1.0867 level appears as the immediate support for the EUR/USD pair followed by the major support at the 1.0850 level. A collapse below the major support could lead the pair to navigate the area around psychological support at 1.0800 followed by the 50% retracement level at 1.0787.

On the upside, the psychological level at 1.0900 serves as an immediate barrier, with a major level at 1.0950 further complicating the path. A successful breakthrough above the major barrier could potentially inspire bullish momentum in the pair. If this occurs, the bulls may target the region around the psychological level at 1.1000, and beyond that, they could aim for January's high at 1.1038.

EUR/USD: Daily Chart

 

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