The EUR/USD pair rebounds, maintaining levels above 1.0900 in anticipation of German data. Technical indicators signal positivity, aiming to revisit the psychological resistance at 1.1000 and the two-month high at 1.1017. A break below 1.0900 may lead to support at 1.0884 (23.6% Fibo) and 1.0881 (seven-day EMA). Traders keenly await the German data release for further market direction.
- EUR/USD recoups its losses from the recent downturn on a trend of upwards.
- Technical indicators point to that there is a positive outlook to revisit the psychological
- The resistance was set at 1.1000. 1.1000 mark and the two-month record high of 1.1017.
- The breakout below 1.0900 may cause it to the 23.6 percent Fibo in 1.0884 and a seven-day EMA 1.0881. 1.0881.
- EUR/USD is retracing its recent loss ahead of German statistics that are due to be published on Monday. The pair is trading up to 1.0910 throughout the Asian session.
The technical indicators of the EUR/USD currency pair are in favor of the current upward trend. The fourteen-day Relative Strength Index (RSI) remains at or above 50 Positive sentiment is evident which suggests a possible retest of the psychological resistance of the 1.1000 threshold, which is and then the 2-month high at 1.1017.
Furthermore moving average convergence divergence (MACD) signifies an overall positive trend since the MACD line lies over the centerline as well as the signal line. This suggests a possibility for an upward movement that could cause the EUR/USD exchange rate to move through the barrier and explore the main level of 1.1050.
In the negative on the downside, the psychological support level of 1.0900 is seen as the primary resistance, followed by 23.6 percent Fibonacci Retracement Level at 1.0884 as well as the 7-day Exponential Moving Average (EMA) at 1.0881.
If the pair continues to move lower than the area of support could place stress on bears of the EUR/USD pair as they navigate the psychological region at 38.2 percent. Fibonacci rectangulation at 1.0801.