EUR/USD Remains Subdued, Bearish Sentiment Prevails

During the Asian trading hours on Tuesday, the EUR/USD currency pair continued to exhibit lackluster performance, hovering near the 1.0650 mark. Technical analysis suggests a prevailing bearish sentiment for the pair, as it struggles to surpass the pullback resistance at the 1.0695 level. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 mark, indicating weakening bullish momentum.

The lagging indicator, Moving Average Convergence Divergence (MACD), further confirms the weakness in the EUR/USD pair, as it resides below the centerline and the signal line. Key support for the pair is anticipated around the psychological level of 1.0600. A breach below this level could exert downward pressure on the pair, potentially leading it towards the region around the major support level of 1.0550, followed by November’s low at 1.0517.

On the upside, the immediate barrier for the EUR/USD pair is identified at the nine-day Exponential Moving Average (EMA) at 1.0675. A breakthrough above this level could pave the way for the pair to reach the 1.0695 level, which aligns with the 23.6% Fibonacci retracement level drawn between 1.0981 and 1.0606. Further resistance is observed at the psychological level of 1.0700. A decisive move above this region could potentially strengthen the recovery sentiment for the pair. However, the prevailing technical indicators suggest that the bearish bias remains intact for now.

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