Created
: 2024.04.25
2024.04.25 14:48
EUR/USD recovers its recent losses registered in the previous session, trading around 1.0710 during the Asian session on Thursday. From a technical standpoint, analysis suggests a weakening of bearish sentiment for the pair as it has surpassed the major level of 1.0695 and the psychological level of 1.0700.
Additionally, the lagging indicator Moving Average Convergence Divergence (MACD) indicates a shift in momentum for the EUR/USD pair, as it is positioned below the centerline but above the signal line. However, the 14-day Relative Strength Index (RSI) remains below the 50-mark, indicating a continuation of bearish momentum.
Key support for the EUR/USD pair is likely to be found around the psychological level of 1.0700. A breach below this level could apply downward pressure on the pair, potentially leading it toward the region surrounding the major support level of 1.0650. Further support may be identified around April's low at 1.0601, which aligns with the psychological level of 1.0600.
On the upside, the immediate barrier for the pair could be the 21-day Exponential Moving Average (EMA) at 1.0727. A breakthrough above this level could propel the pair towards the 38.2% Fibonacci retracement level at 1.0749, which is drawn between the levels of 1.0981 and 1.0606, coinciding with the major level of 1.0750.
EUR/USD: Daily Chart
Created
: 2024.04.25
Last updated
: 2024.04.25
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy