EUR/USD PRICE ANALYSIS: HOVERS ABOVE MAJOR SUPPORT AT 1.0700 AMID LUKEWARM US DOLLAR
- EUR/USD struggles to stay in the green zone amid weaker US Dollar.
- Combined technical indicators support a positive outlook for the pair.
- The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756.
EUR/USD hovers around 1.0710 during the early European session on Thursday, struggling to continue moving in the positive territory amid the weaker US Dollar (USD). The major level at 1.0700 acts as the immediate support for the EUR/USD pair.
A firm break below the latter could push the EUR/USD pair to navigate further support around the nine-day Exponential Moving Average (EMA) at 1.0670, following the 1.0600 psychological level.
On the upside, the pair could revisit the major level at 1.0750 lined up with the weekly high at 1.0756. A firm breakthrough above the level could support the EUR/USD pair to explore the region around the 38.2% Fibonacci retracement at 1.0764.
The Moving Average Convergence Divergence (MACD) line positions above the centerline and the signal line, indicating a bullish momentum in the EUR/USD pair. Additionally, the 14-day Relative Strength Index (RSI) lies above the 50 level, offering upward support. This suggests a bullish momentum and reflects a strong market sentiment for the EUR/USD pair, further reinforcing the positive outlook.
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