The currency pair experienced a slump below the key 1.0900 level in early Asian market hours today, influenced by a strengthening US dollar which has been bolstered by a surge in US Treasury yields. Technical indicators suggest that if the pair falls through its support near the nine-day exponential moving average (EMA) at 1.0867, as well as other critical levels at 1.0850 and the Fibonacci retracement level of 1.0842, it could face further downward pressure towards the 1.0800 zone.
On the flip side, some technical signals remain positive for the euro, with the Relative Strength Index (RSI) staying above the midpoint of 50 and the Moving Average Convergence Divergence (MACD) indicating upward momentum. These factors point to a potential recovery, with targets set around recent three-month highs near 1.0950 and possibly extending gains to test resistance at the substantial 1.1000 threshold.
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