EUR/USD Price Analysis: Maintains position below the psychological level of 1.0800

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. 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.

Technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index is positioned below the 50 mark, indicating weakness in buying momentum. Additionally, the Moving Average Convergence Divergence 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. On the downside, immediate support appears at March’s low of 1.

Source: Digital Coin News (digitalcoinnews.net)

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