EUR/USD Price Analysis: Pair struggles to extend gains, hovers around 1.0730

EUR/USD weakened due to the hawkish tone surrounding the US Fed.
Momentum indicators suggest that the pair remains to be fragile in the short term.
Weekly low aligned to 1.0700 psychological level could act as key support.

Akhtar Faruqui FXStreet

EUR/USD treads waters to extend its gains for the second consecutive day, trading slightly higher around 1.0730 during the Asian session on Thursday. The firmer US Dollar (USD) is weighing on the EUR/USD pair as the investors seem to cheer up the hawkish tone surrounding the Federal Reserve (Fed) to maintain interest rates at a higher level for an extended period.

The Moving Average Convergence Divergence (MACD) line stays below the centerline and shows divergence below the signal line. This suggests that the recent momentum is relatively bearish.

The pair could meet the immediate support around the weekly low at 1.0702 lined up with the 1.0700 psychological level. A firm break below the latter could open the doors for the EUR/USD pair to navigate the area around June’s low at 1.0661 level.

On the upside, the nine-day Exponential Moving Average (EMA) emerges as the key resistance, followed by the 1.0800 psychological level.

In case the Euro bulls become active, the pair could break above that level, leading to exploring the area around the 14-day EMA at 1.0810 aligned to 23.6% Fibonacci retracement at 1.0838 level.

The 14-day Relative Strength Index (RSI) stays below 50, which suggests the EUR/USD pair remains to be bearish in the short term.

EUR/USD: Daily Chart

EUR/USD: additional important levels

Overview
Today last price	1.0726
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.0727

Trends
Daily SMA20	1.0853
Daily SMA50	1.0957
Daily SMA100	1.0916
Daily SMA200	1.0822

Levels
Previous Daily High	1.0749
Previous Daily Low	1.0703
Previous Weekly High	1.0946
Previous Weekly Low	1.0772
Previous Monthly High	1.1065
Previous Monthly Low	1.0766
Daily Fibonacci 38.2%	1.0731
Daily Fibonacci 61.8%	1.072
Daily Pivot Point S1	1.0704
Daily Pivot Point S2	1.068
Daily Pivot Point S3	1.0657
Daily Pivot Point R1	1.075
Daily Pivot Point R2	1.0772
Daily Pivot Point R3	1.0796

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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