#EURUSD @ 1.05954 reverses the recent gains ahead of the Fed policy decision.
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- EUR/USD reverses the recent gains ahead of the Fed policy decision.
The pair currently trades last at 1.05954.
The previous day high was 1.0625 while the previous day low was 1.0547. The daily 38.2% Fib levels comes at 1.0595, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0577, expected to provide support.
EUR/USD moves downward after recent gains, hovering below 1.0600 during the Asian session on Tuesday. The pair could receive support near the psychological level at 1.0550, followed by the previous week’s low at 1.0521.
A firm break below the latter could open the doors for the EUR/USD pair to navigate the area around the key level at 1.0500.
The market’s prevailing expectation that the US Federal Reserve will maintain interest rates at 5.5% in the upcoming policy meeting is anticipated to have a weakening effect on the US Dollar (USD). On the upside, the 23.6% Fibonacci retracement at 1.0643 emerges as the immediate resistance, followed by the 50-day Exponential Moving Average (EMA) at 1.0654.
A breakthrough above the latter could inspire the bulls of the EUR/USD to revisit the monthly low at the 1.0694 level.
The technical analysis for the EUR/USD pair reveals interesting dynamics. The Moving Average Convergence Divergence (MACD) line remains below the centerline but above the signal line, indicating a potential shift in momentum. This suggests a nuanced market sentiment, with elements of change in the trend.
Additionally, the EUR/USD pair appears to be encountering subdued momentum, as evidenced by the 14-day Relative Strength Index (RSI). The RSI, dipping below the 50 level, signals a bearish momentum and reflects a bias toward weaker market sentiment.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0592 at the time of writing. Pair opened at 1.0615 and is trading with a change of -0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0592 |
| 1 | Today Daily Change | -0.0023 |
| 2 | Today Daily Change % | -0.2200 |
| 3 | Today daily open | 1.0615 |
The pair is trading above its 20 Daily moving average @ 1.0568, below its 50 Daily moving average @ 1.0654 , below its 100 Daily moving average @ 1.0817 and below its 200 Daily moving average @ 1.0812
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0568 |
| 1 | Daily SMA50 | 1.0654 |
| 2 | Daily SMA100 | 1.0817 |
| 3 | Daily SMA200 | 1.0812 |
The previous day high was 1.0625 while the previous day low was 1.0547. The daily 38.2% Fib levels comes at 1.0595, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0577, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.0567, 1.0518, 1.0489
- Pivot resistance is noted at 1.0644, 1.0674, 1.0722
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0625 |
| Previous Daily Low | 1.0547 |
| Previous Weekly High | 1.0695 |
| Previous Weekly Low | 1.0522 |
| Previous Monthly High | 1.0882 |
| Previous Monthly Low | 1.0488 |
| Daily Fibonacci 38.2% | 1.0595 |
| Daily Fibonacci 61.8% | 1.0577 |
| Daily Pivot Point S1 | 1.0567 |
| Daily Pivot Point S2 | 1.0518 |
| Daily Pivot Point S3 | 1.0489 |
| Daily Pivot Point R1 | 1.0644 |
| Daily Pivot Point R2 | 1.0674 |
| Daily Pivot Point R3 | 1.0722 |
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