EUR/USD Price Analysis: Full Strategy
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Now, EUR/USD continued its losing streak for the sixth straight session on Tuesday, hovering near 1.0620 during Asian trading hours. Strength in the US Dollar (USD) puts pressure on the EUR/USD pair, possibly boosted by rising US Treasury yields. Additionally, stronger-than-expected Retail Sales data from the US raised expectations that the Federal Reserve (Fed) may prolong its stance on higher interest rates.
Technically, the analysis shows bearish sentiment for the EUR/USD pair as the 14-day Relative Strength Index (RSI) is below the 50 mark. Additionally, an early indicator, the EMA 34.89 shows weakness in the pair.
The EUR/USD pair could find immediate support around the psychological 1.0600 level. A break below this level could put bearish pressure on the pair to navigate the area around the key 1.0550 level, followed by the November low at 1.0516.
On the upside, the 1.0650 key level appears as the main hurdle, followed by the 0.786% Fibonacci retracement level at 1.0675. A break above the latter could see the EUR/USD pair explore the area around the psychological 1.0700 level.
Now, EUR/USD continued its losing streak for the sixth straight session on Tuesday, hovering near 1.0620 during Asian trading hours. Strength in the US Dollar (USD) puts pressure on the EUR/USD pair, possibly boosted by rising US Treasury yields. Additionally, stronger-than-expected Retail Sales data from the US raised expectations that the Federal Reserve (Fed) may prolong its stance on higher interest rates.
Technically, the analysis shows bearish sentiment for the EUR/USD pair as the 14-day Relative Strength Index (RSI) is below the 50 mark. Additionally, an early indicator, the EMA 34.89 shows weakness in the pair.
The EUR/USD pair could find immediate support around the psychological 1.0600 level. A break below this level could put bearish pressure on the pair to navigate the area around the key 1.0550 level, followed by the November low at 1.0516.
On the upside, the 1.0650 key level appears as the main hurdle, followed by the 0.786% Fibonacci retracement level at 1.0675. A break above the latter could see the EUR/USD pair explore the area around the psychological 1.0700 level.
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