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EUR/USD Price Analysis: Moves above 1.0700, next barrier at 21-day EMA

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EURUSD News

Majors,Technical Analysis

EUR/USD recovers its recent losses registered in the previous session, trading around 1.0710 during the Asian session on Thursday.

EUR/USD could approach the 21-day EMA at 1.0727. A break below 1.0700 could lead the pair toward the major support of 1.0650 and April’s low at 1.0601. A breach above the major level of 1.0695 suggests a weakening of bearish sentiment. From a technical standpoint, analysis suggests a weakening of bearish sentiment for the pair as it has surpassed the major level of 1.0695 and the psychological level of 1.0700.

Further support may be identified around April’s low at 1.0601, which aligns with the psychological level of 1.0600. On the upside, the immediate barrier for the pair could be the 21-day Exponential Moving Average at 1.0727. A breakthrough above this level could propel the pair towards the 38.2% Fibonacci retracement level at 1.0749, which is drawn between the levels of 1.0981 and 1.0606, coinciding with the major level of 1.0750. EUR/USD: Daily Chart EUR/USD Overview Today last price 1.

 

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