EUR/USD holds its position after trimming daily gains on Monday.
Technical analysis suggests a possible confirmation of bearish momentum for the pair.
A break above the 1.0800 level could lead the pair to test a 23.6% Fibonacci retracement level of 1.0818 and the nine-day EMA at 1.0820.
EUR/USD pares intraday gains, trading higher around 1.0780 during the Asian session on Monday. The pair could find the key resistance at the psychological mark of 1.0800.
A breakthrough above this barrier could lead the EUR/USD pair to explore the region around the 23.6% Fibonacci retracement level of 1.0818 and the nine-day Exponential Moving Average (EMA) at 1.0820. Further resistance lies at the major level of 1.0850, following the psychological resistance at 1.0900.
Technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index (RSI) is positioned below the 50 mark, indicating weakness in buying momentum.
Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence below the signal line and remains below the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bearish momentum for the EUR/USD pair.
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