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EUR/USD PRICE ANALYSIS: EXTENDS LOSSES TO NEAR 1.0830 FOLLOWED BY THE MONTHLY LOW

llexaxo
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  • EUR/USD continues to move in a downward direction after the US GDP data.
  • Technical analysis suggests a bearish sentiment towards the monthly at 1.0821.
  • A break above 1.0850 could support the pair to approach the resistance zone around the 23.6% Fibonacci retracement and the 21-day EMA.

EUR/USD extends its losses on the second consecutive day, edging lower to near 1.0830 during the Asian session on Friday. The EUR/USD pair experienced downward pressure following the release of Gross Domestic Product (GDP) data from the United States (US).

The 14-day Relative Strength Index (RSI) for the EUR/USD pair is currently situated below the 50 mark, suggesting a bearish momentum in the market. Additionally, the lagging indicator, Moving Average Convergence Divergence (MACD), for the EUR/USD pair signals a potential confirmation of a downward trend. The MACD line is positioned below the centerline and is diverging below the signal line.

Earlier in the week, the EUR/USD pair tested twice the monthly low at 1.0821. A firm break below the monthly low could influence the bears of the pair to drag it to psychological support at 1.0800.

If the EUR/USD pair moves below the psychological level, it could put pressure to navigate the support level towards 1.0750.

On the upside, the major level at 1.0850 could act as an immediate resistance. A breakthrough above the latter could lead the EUR/USD pair to approach the 23.6% Fibonacci retracement level at 1.0895 in conjunction with the psychological barrier at 1.0900 level and the 21-day Exponential Moving Average (EMA) at 1.0901

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