EUR/USD continues its winning streak for the second consecutive session on Wednesday, inching higher to near 1.0780 during the Asian hours.
EUR/USD extends gains towards the psychological barrier of 1.0800. Technical analysis indicates a potential confirmation of bearish momentum for the pair. The key support appears around March’s low of 1.0767 and the major level of 1.0750. The immediate resistance appears at the 23.6% Fibonacci retracement level of 1.0785. A breakthrough above this level could exert upward support for the EUR/USD pair to explore the region around the nine-day Exponential Moving Average at 1.
Technical analysis suggests a bearish sentiment for the EUR/USD pair. The 14-day Relative Strength Index is positioned below the 50 mark, indicating weakness in buying momentum. Additionally, the Moving Average Convergence Divergence shows a divergence below the signal line and remains below the centerline. Although a lagging indicator, this alignment indicates a confirmation of the bearish momentum for the EUR/USD pair. On the downside, immediate support appears at March’s low of 1.
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