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Market News EUR/USD Price Analysis: Euro Bears Find It Difficult To Substantiate Break Of 1.0970 Support

EUR/USD Price Analysis: Euro Bears Find It Difficult To Substantiate Break Of 1.0970 Support

The EUR/USD exchange rate remains at its lowest level in a month. Bears flirt with the 50-day exponential moving average after breaking a critical support convergence. The combination of a stable RSI (14) line, bearish MACD signals, and a support break favors Euro sellers.

TOP1 Markets Analyst

2023-05-12

9714

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EUR/USD sellers assault the 1.0900 round number, reestablishing the intraday low near 1.0910 during Friday's mid-Asian session. The Euro/U.S. dollar pair, however, breached a key short-term support confluence the day before to register the largest daily decline in two weeks.

In addition to the adverse break of convergence of the 21-day Exponential Moving Average (EMA) and the bottom line of a one-month-old bullish channel around 1.0970, EUR/USD sellers are also encouraged by bearish MACD signals to renew the monthly low on Thursday.

The lack of an exhausted RSI (14) line provides support for the Euro pair's downside bias. Nonetheless, the 50-day EMA level near 1.0895 has been provoking EUR/USD bearish as of late.

The 38.2% and 50% Fibonacci retracement levels of its January-April increase, respectively near 1.0860 and 1.0790, cannot be ruled out if EUR/USD bears maintain control beyond 1.0895.

Alternately, the EUR/USD pair's corrective rebound remains elusive unless the price remains below the support-turned-resistance level of 1.0970.

Even if the major currency pair surpasses the 1.0970 barrier, the 1.1000 round number and multiple barriers around 1.1050 may challenge the EUR/USD bulls before directing them to the peak of the aforementioned channel near 1.1120.