The Euro to US Dollar (EUR/USD) exchange rate aims to continue its gains for the second consecutive session, trading around 1.0920 during the Asian session on Tuesday. The anticipated Harmonized Consumer Price Index (HICP) data from the Eurozone on Tuesday is expected to remain stable across all levels. This moderate inflation projection could contribute to the stability of the EUR/USD pair.
 
However, technical indicators for the EUR/USD pair show a favorable upward trend. The 14-day Relative Strength Index (RSI), which remains above the 50 level, indicates positive sentiment and the potential for a retest of the psychological resistance at 1.1000, followed by a two-month peak at 1.1017.
 
Additionally, the Moving Average Convergence Divergence (MACD) reinforces the overall positive momentum, with the MACD line above the midpoint and the signal line. As a trend-following indicator, this confirms the potential for an upward trend.
 
The bullish sentiment that has formed, supported by the MACD, may push the EUR/USD pair to break through the current resistance and target the significant level at 1.1050.
 
In the face of potential declines, psychological support at 1.0900 becomes a crucial level, followed by the seven-day Exponential Moving Average (EMA) at 1.0893 and the 23.6% Fibonacci retracement level at 1.0884.
 
A significant breakdown below these levels could increase bearish pressure on the EUR/USD pair, leading to potential movement toward the psychological area around the 38.2% Fibonacci retracement at 1.0801.
 
Read Also:
 
 
Warning!
 
This analysis of the "Euro Currency Price" is based on fundamental and technical views from reliable sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research first regarding other forex information as a reference for your trading. 
 
Stay updated with the latest news and articles from GIC Indonesia by checking Google News daily for the latest updates on forex to crypto. Trade with GICTrade using an ECN account to enjoy trading with low spreads starting from zero!