EUR/USD Price Analysis: Breaks below 1.0700 to test a throwback support
■ The EUR/USD pair falls toward a throwback support at the level of 1.0670.
■ The 14-day RSI consolidates below the 50 level; confirming a downtrend for the pair.
■ A 14-day EMA at the level of 1.0732 could act as an immediate barrier.
EUR/USD recovers its losses from the previous two sessions, trading around 1.0690 during the Asian session on Thursday. A technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel.
Additionally, the 14-day Relative Strength Index (RSI) is consolidating below the 50 level, suggesting a timid momentum for the EUR/USD pair.
The EUR/USD pair may test immediate throwback support at 1.0670. A further decline would reinforce the bearish bias, potentially pushing the pair toward the lower boundary of the descending channel near 1.0640.
On the upside, the EUR/USD pair could encounter immediate resistance at the 14-day Exponential Moving Average (EMA) at 1.0732. A break above this level could lead the pair to test the psychological level of 1.0800, approaching the upper boundary of the descending channel.
Further resistance appears at the vicinity of the significant level of 1.0900 and a three-month high at 1.0915, which was recorded on June 4.
EUR/USD: Daily Chart
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
