EUR/USD Eyes Movement Amid ECB Remarks and Key Resistance Levels
During Monday’s Asian trading window, the EUR/USD pair maintains a stance above the notable 1.0800 mark. The European Central Bank’s (ECB) officials reinforced their assertive position at the Jackson Hole Symposium, giving the currency some upward momentum.
Christine Lagarde, the President of ECB, stressed the significance of setting interest rates at a consistently stringent level for an extended duration, aiming to swiftly achieve the 2% inflation target over the medium term.
If the pair experiences a downward movement, immediate support might be found at last week’s trough of 1.0765, and subsequently, the critical 1.0750 threshold.
Conversely, the 1.0847 level, marked by the nine-day Exponential Moving Average (EMA), poses the primary resistance barrier. Overcoming this could pave the way for the EUR/USD pair to probe the vicinity of the 14-day EMA set at 1.0874, and potentially even the significant 1.0900 mark.
Currently, the 14-day Relative Strength Index (RSI) lingers under 50, indicating a tendency among EUR/USD traders to lean bearish. Furthermore, the Moving Average Convergence Divergence (MACD) remains beneath the midpoint and diverges below its signal line, signaling a decelerating momentum.
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