EUR/USD Price Analysis: Moves below key level at 1.0700 toward seven-day EMA
|- EUR/USD could reach to seven-day EMA as the Greenback continues the winning streak.
- Technical indicators suggest the bullish momentum in the market sentiment.
- A successful breach above the 1.0700 psychological level could support the pair to reach 38.2% Fibonacci retracement.
EUR/USD extends the losing streak, trading lower around 1.0690 during the Asian session on Wednesday. As the US Dollar (USD) continues to gain ground, the EUR/USD pair could reach the seven-day Exponential Moving Average (EMA) at 1.0666, which emerges as the key support, following the 1.0600 psychological level.
A firm break below the latter could push the EUR/USD pair could find support around the psychological level of 1.0550, followed by the previous week's low at 1.0516.
On the upside, the psychological level at 1.0700 acts as the immediate barrier. A firm breakthrough above the level could support the EUR/USD pair to explore the region around the major level at 1.0750 aligned with the 38.2% Fibonacci retracement at 1.0764.
The Moving Average Convergence Divergence (MACD) line positions above the centerline and the signal line implying a bullish momentum in the EUR/USD pair.
However, the EUR/USD pair seems to receive upward support as the 14-day Relative Strength Index (RSI) lies above the 50 level, suggesting bullish momentum and reflecting a strong market sentiment.
EUR/USD: Daily Chart
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