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2 Jan 2024

EUR/USD Price Analysis: The key support level is seen at 1.1000

  • EUR/USD drifts lower to 1.1028 amid the rebound of the USD.
  • EUR/USD maintains the bearish outlook above the key EMA; RSI indicator stands in bearish territory below the 50 midline.
  • The key support level to watch is seen at 1.1000; 1.1080 acts as an immediate resistance level for the major pair.

The EUR/USD pair loses momentum for the fourth consecutive day during the early European session on Tuesday. The downtick of the major pair is backed by the recovery of the US Dollar (USD). At press time, EUR/USD is trading at 1.1028, down 0.07% on the day.

From the technical perspective, EUR/USD keeps the negative outlook unchanged on the four-hour chart as the major pair holds below the key 100-hour Exponential Moving Averages (EMA). However, the 14-day Relative Strength Index (RSI) stands in bearish territory below the 50 midline, indicating that further decline cannot be ruled out.

The key support level to watch is the confluence of the lower limit of the Bollinger Band and the psychological round mark at 1.1000. The next contention level is seen at the 100-hour EMA at 1.0973. Further south, the downside stop is located at 1.0929 (Low of December 20), followed by 1.0888 (Low of December 15).

On the upside, a high of December 29 at 1.1080 acts as an immediate resistance level for the major pair. The next hurdle will emerge at the 1.1100 psychological round mark. The additional upside filter to watch is 1.1139 (High of December 28), en route to 1.1240 (High of July 19).

EUR/USD four-hour chart

 

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