EURUSD falls to around 1.0965 in Monday’s early European session.
EURUSD pair is trading in negative territory for the sixth day in a row, around 1.0965, during the early European session on Monday. While the US Dollar (USD) continues to rise, the major pair remains under selling pressure. The fresh US jobs data reported on Friday has encouraged traders to reduce their expectations for a 50 basis point (bps) Fed rate drop at the November meeting.
EURUSD Techincal Outlook
The positive outlook for the pair appears weak on the daily chart, with the RSI indicator maintaining below the midline.
The initial support level is observed at 1.0881, while the immediate resistance level is seen at 1.1000.
According to the daily. The EURUSD bullish outlook appears susceptible as the major pair hovers around the crucial 100-day Exponential Moving Averages (EMA). If the EURUSD breaks strongly below the 100-day moving average, it may restart its downward trend. Furthermore, the downward trend is backed by the Relative Strength Index (RSI), which is below the midline near 37.55, indicating that the path of least resistance is to the downside.
Decisive trading below the 100-day EMA at 1.0970 might result in a decline to 1.0881, the August 8 low. The cross finds critical support in the 1.0805-1.0800 range, which corresponds to the July 9 low and the round mark.
On the upside, the psychological level of 1.1000 will serve as the pair’s initial upward hurdle. Extended gains may see a rally to 1.1144, the October 1 high. A break above this level could lead to the Bollinger Band’s upper boundary at 1.1223.
