EUR/USD Price Analysis: Appreciates to near 1.0900; next barrier around four-month highs

EUR/USD continues its upward momentum, supported by a bullish inclination observed in the daily chart analysis.
The pair may encounter resistance near a four-month high at 1.0922.
The lower boundary of the ascending channel around the 1.0870 level could serve as immediate support.

Akhtar Faruqui FXStreet

EUR/USD advances for the second consecutive day, trading around 1.0900 during Wednesday's Asian session. The analysis of the daily chart shows a bullish trend, as the pair remains within an ascending channel.

Moreover, the 14-day Relative Strength Index (RSI), a momentum indicator, is above the 50 level, further affirming the bullish sentiment for the EUR/USD pair. Continued upward momentum could strengthen the pair's bullish bias.

The EUR/USD pair approaches potential resistance near a four-month high at 1.0922, observed on July 15. Further resistance is anticipated around the psychological level of 1.1000, followed by the upper boundary of the ascending channel near 1.1020.

On the downside, initial support for the EUR/USD pair is expected near the lower boundary of the ascending channel around the 1.0870 level, which coincides with the nine-day Exponential Moving Average (EMA) at 1.0864.

A breach below this level could intensify downward pressure on the pair, targeting support around the key level of 1.0670, potentially serving as a throwback support level.

EUR/USD: Daily Chart

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.06%	-0.02%	0.00%	-0.01%	-0.07%	-0.31%	0.00%
EUR	0.06%		0.06%	0.07%	0.06%	0.02%	-0.27%	0.08%
GBP	0.02%	-0.06%		0.00%	0.00%	-0.06%	-0.33%	0.03%
JPY	0.00%	-0.07%	0.00%		-0.02%	-0.07%	-0.34%	0.02%
CAD	0.01%	-0.06%	0.00%	0.02%		-0.07%	-0.31%	0.03%
AUD	0.07%	-0.02%	0.06%	0.07%	0.07%		-0.25%	0.09%
NZD	0.31%	0.27%	0.33%	0.34%	0.31%	0.25%		0.34%
CHF	-0.00%	-0.08%	-0.03%	-0.02%	-0.03%	-0.09%	-0.34%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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