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22 Dec 2023

EUR/USD Price Analysis: Floats below 1.1000 followed by a two-month high

  • EUR/USD retreats from a three-week high at 1.1012.
  • A breakthrough above the 1.1000 level could lead the pair to test a two-month high at 1.1017.
  • 1.0950 major level could act as a key support followed by the seven-day EMA at 1.0938.

EUR/USD hovers below the psychological resistance at 1.1000 level during the Asian session on Friday after pulling back from the three-week high at 1.1012. The EUR/USD pair received upward support from a less dovish tone surrounding the European Central Bank (ECB), as compared to the elevated speculation of the Federal Reserve (Fed) to ease monetary policy in the first quarter of 2024.

The Moving Average Convergence Divergence (MACD) indicates an overall positive momentum, as the MACD line is positioned above the centerline and the signal line.

This bullish sentiment of the EUR/USD pair’s bulls could surpass the psychological resistance to approach the two-month high at 1.1017. The next barrier would be the significant level at 1.1050.

Moreover, the lagging indicator 14-day Relative Strength Index (RSI) moves above the 50 mark, suggesting a confirmation regarding the potential upward trend in the EUR/USD pair.

On the flip side, the EUR/USD pair could find support at the major level at 1.0950 followed by the seven-day Exponential Moving Average (EMA) at 1.0938.

A break below the latter could push the pair to test the psychological support region around 1.0900, further navigating the region around the 23.6% Fibonacci retracement level at 1.0884.

EUR/USD: Daily Chart

 

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