EUR/USD Advances to Near 1.0850

MARCH 26 2024

After gaining ground in Tuesday’s early European session, the EUR/USD pair is currently trading close around 1.0850. A new decline in the US dollar puts downward pressure on the pair even as risk appetite improves. mid-tier US economic data, with an eye toward ECB talk.

On the 4-hour chart, the Relative Strength Index (RSI) indicator rebounded to 50, indicating a deceleration of the bearish trend. The Fibonacci 38.2% retracement of the most recent rally, at 1.0860, lines up as the first resistance on the upside before 1.0890–1.0900, which is the alignment of the Fibonacci 23.6% retracement level and the 100-period Simple Moving Average (SMA).

Ahead of 1.0800 (the Fibonacci 61.8% retracement), immediate support is found at 1.0840-1.0830 (the 200-period SMA, the Fibonacci 50% retracement).