EURUSD may approach significant support at 1.0750, following February’s low of 1.0694.

EURUSD falls from the weekly high of 1.0789 set on Monday, ending a four day gaining streak. During the Asian hours on Tuesday, the pair trades lower at 1.0770. Positioned above the immediate support at the psychological level of 1.0750.

EURUSD Technical Outlook

The resistance zone might be discovered between the 21 day EMA at 1.0798. And the 23.6% Fibonacci retracement at 1.0799.
Traders may wait for the lagging indicator MACD to confirm a directional trend.

Moreover A break below the latter might place pressure on the EURUSD pair to traverse the additional support region around the psychological level of 1.0700. In conjunction with February’s The low of 1.0694 was observed on February 14.
The EURUSD pair may encounter important resistance. Around the 21 day Exponential Moving Average (EMA) around 1.0798. Which coincides with the 23.6% Fibonacci retracement at 1.0799 and the psychological level of 1.0800.
A strong break above the resistance zone might provide upward support for the EURUSD pair. Allowing it to test the next major barrier at 1.0850 and revisit February’s high at 1.0897. Which is linked with the psychological threshold of 1.0900.
Furthermore The EURUSD pair’s technical analysis points to a mixed market picture. The 14-day Relative Strength Index (RSI) is below 50, indicating a bearish trend. However, the lagging indicator Moving Average Convergence Divergence (MACD) is still below the midline but above the signal line. Indicating that the market is moving slowly.
Moteover Given these contradicting signals. Market participants may decide to wait for more confirmation from the MACD indicator on the Euro pair’s directional trend.

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