EUR/USD Price Analysis: Moves above 1.0850 toward the upper boundary of channel

EUR/USD extends gains toward the upper boundary of the descending channel around the 1.0890 level.
The 14-day RSI is still positioned above the 50 level, suggesting a bullish sentiment for the pair.
The pair could find key support around the 50-day EMA at 1.0819 level.

Akhtar Faruqui FXStreet

EUR/USD advances for the third consecutive day, trading around 1.0860 during the Asian session on Monday. The analysis of the daily chart shows that the pair is positioned within a descending channel, suggesting a bearish bias.

However, the 14-day Relative Strength Index (RSI), a momentum indicator, is still positioned above the 50 level, suggesting a bullish sentiment for the EUR/USD pair. Further movement will give a clear directional trend.

The EUR/USD pair could test a potential resistance at the upper boundary of the descending channel around the level of 1.0890, followed by the psychological level of 1.0900. A breakthrough above this level could lead the pair to revisit a four-month high of 1.0948 level.

On the downside, the pair could find the key support at the lower boundary of the descending channel around the 50-day Exponential Moving Average (EMA) at 1.0819 level. A break below this level could exert downward pressure on the EUR/USD pair to navigate the region 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 New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.02%	-0.06%	-0.25%	-0.05%	-0.02%	0.07%	-0.08%
EUR	0.02%		-0.07%	-0.23%	-0.01%	0.04%	0.07%	-0.04%
GBP	0.06%	0.07%		-0.20%	0.04%	0.11%	0.15%	0.03%
JPY	0.25%	0.23%	0.20%		0.15%	0.23%	0.29%	0.19%
CAD	0.05%	0.01%	-0.04%	-0.15%		0.06%	0.09%	-0.01%
AUD	0.02%	-0.04%	-0.11%	-0.23%	-0.06%		0.06%	-0.08%
NZD	-0.07%	-0.07%	-0.15%	-0.29%	-0.09%	-0.06%		-0.12%
CHF	0.08%	0.04%	-0.03%	-0.19%	0.00%	0.08%	0.12%

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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