EUR/USD Price Analysis: Tests the major level of 1.0650; followed by the nine-day EMA

EUR/USD remains tepid around the major level amid a bearish sentiment. A breach below the 1.0600 level may lead the pair toward November’s low at 1.0517. The nine-day EMA at 1.0675 appears as the immediate barrier. From a technical perspective, analysis suggests a bearish sentiment for the pair as it struggles below the pullback resistance at the 1.0695 level. The 14-day Relative Strength Index also remains below the 50 mark.

On the upside, the immediate barrier for the EUR/USD pair could be the nine-day Exponential Moving Average at 1.0675. A breakthrough above this level could lead the pair to reach the 1.0695 level, aligning with the 23.6% Fibonacci retracement level drawn between 1.0981 and 1.0606. Further resistance aligns with the psychological level of 1.0700. A breakthrough above this region could potentially strengthen the recovery sentiment for the pair.

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