EUR/USD Price Analysis: Rises To Near 1.0810 Followed By The Barrier At 50-Day EMA

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EUR/USD could test the resistance zone around the 50-day EMA and a three-week high.

A break above the major level of 1.0850 could lead the pair to reach a 38.2% Fibonacci retracement at 1.0864.

Technical indicators suggest a momentum shift towards an upward direction.

EUR/USD continues its winning streak that began on February 14 as the US Dollar (USD) receives downward pressure, which in turn, underpins the EUR/USD pair. The pair edges higher around 1.0810 during the Asian session on Wednesday.The EUR/USD pair could rise to test the immediate resistance zone around the 50-day Exponential Moving Average (EMA) at 1.0834 and the three-week high at 1.0838. A breakthrough above this zone could exert upward support for the pair to reach the major support at 1.0850 followed by the 38.2% Fibonacci retracement level at 1.0864.The technical analysis of the EUR/USD pair indicates a potential shift towards upward momentum. While the 14-day Relative Strength Index (RSI) sits at the 50 mark, signaling a neutral stance, the Moving Average Convergence Divergence (MACD) lies below the centreline but shows a divergence above the signal line. Traders may await further confirmation from the MACD to determine a clear directional trend.On the downside, the immediate support appears at the psychological level at 1.0800 followed by the recent low at 1.0761 recorded on Tuesday. A break below the latter could put downward pressure on the EUR/USD pair to navigate the major support level of 1.0750 with an aim to approach the psychological support at 1.0700.

EUR/USD: Daily Chart
 

EUR/USD: OTHER IMPORTANT LEVELS TO WATCH
 

OVERVIEW Today last price 1.0816 Today Daily Change 0.0006 Today Daily Change % 0.06 Today daily open 1.081

 

TRENDS Daily SMA20 1.0795 Daily SMA50 1.0891 Daily SMA100 1.0804 Daily SMA200 1.0827

 

LEVELS Previous Daily High 1.0839 Previous Daily Low 1.0762 Previous Weekly High 1.0806 Previous Weekly Low 1.0695 Previous Monthly High 1.1046 Previous Monthly Low 1.0795 Daily Fibonacci 38.2% 1.0809 Daily Fibonacci 61.8% 1.0791 Daily Pivot Point S1 1.0769 Daily Pivot Point S2 1.0727 Daily Pivot Point S3 1.0692 Daily Pivot Point R1 1.0846 Daily Pivot Point R2 1.0881 Daily Pivot Point R3 1.0923

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