EUR/USD edges lower to near 1.0890 during the Asian market hours on Monday.
EUR/USD may encounter immediate support around the 38.2% Fibonacci retracement level of 1.0871. Technical analysis indicates a potential confirmation of bullish momentum for the pair. The immediate resistance area is expected near the nine-day EMA at 1.0897 and the psychological level of 1.0900. The pair receives downward pressure as the market adopts caution ahead of the Federal Reserve’s interest rate decision. The EUR/USD pair could meet the immediate support at 38.
Additionally, the Moving Average Convergence Divergence shows a divergence above the signal line and remains above the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bullish momentum for the EUR/USD pair. On the upside, the immediate resistance appears at the nine-day Exponential Moving Average at 1.0897, aligned with the psychological level of 1.0900. A break above the latter could lead the EUR/USD pair to navigate the major barrier at 1.
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