Aims to break below the major level at 1.0700 – Crypto News – Crypto News
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EUR/USD inches to near 0.9970 but is still inside the woods, focus shifts to Fed's Powell EUR/USD inches to near 0.9970 but is still inside the woods, focus shifts to Fed's Powell

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Aims to break below the major level at 1.0700 – Crypto News

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  • EUR/USD could revisit the eight-week high at 1.0756.
  • Euro could gain ground as the MACD line shows divergence above the signal line.
  • A break below the psychological support at 1.0700 could push the pair to go under the region near mid-1.0600.

EUR/USD losses ground for the second successive day, trading lower near 1.0710 aligned with the psychological support level at 1.0700 during the Asian session on Tuesday.

A firm break below the latter could inspire the bears of the EUR/USD pair to navigate the support region around the mid-1.0600 and the 14-day Exponential Moving Average (EMA) at the 1.0631 level.

However, European Central Bank (ECB) President Christine Lagarde’s hawkish remarks over the weekend could provide help to the EUR/USD pair to limit the downside.

The EUR/USD pair might gain upward momentum, considering the 14-day Relative Strength Index (RSI) positioned above the 50 level. This indicates bullish momentum and reflects a bias toward a stronger market sentiment.

The Moving Average Convergence Divergence (MACD) line positions above the centerline and shows the divergence above the signal line implying a potential bullish momentum. The bulls could support the EUR/USD pair to revisit the eight-week high marked recently at 1.0756 followed by the 38.2% Fibonacci retracement at 1.0764 level.

EUR/USD: Daily Chart

 

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