November 08,2022 12:39 AM ET
By:AnalysisWatch
EURUSD refreshes its intraday low around the 1.0000 parity level heading into Tuesday's European session. As such, the major currency pair pulls back from eight-day highs while posting the first daily loss in three.
The latest price weakness could be related to overbought conditions on the RSI (14) and bearish signals on the MACD, which in turn suggest further downside for the pair.
However, an ascending support line from late Friday, near 0.9985 at the time of writing, restricts immediate declines in the EURUSD pair.
Next, the 61.8% Fibonacci retracement of the pair's decline between October 26 and November 3, near 0.9955, will challenge the bears.
However, it is worth noting that the 50-HMA pierced the 200-HMA from below and has already portrayed the "golden cross," suggesting further upside momentum for the pair.
Therefore, EURUSD buyers remain hopeful unless the price falls below the 200-HMA surrounding 0.9915.
Alternatively, recovery moves should cross the weekly high near 1.0030 to remind the bulls.
Still, the highs set in October and September, respectively near 1.0095 and 1.0200, could challenge the EURUSD pair's bullish moves.