EUR/USD Price Analysis: Trades above 1.0850, teases descending channel breakout


  • EUR/USD could return to the descending channel as a bearish bias is active.
  • The pair could approach the "throwback support" near the psychological level of 1.0800.
  • The nine-day EMA at 1.0897 appears as the immediate barrier.

EUR/USD inches lower to near 1.0860 during the Asian session on Monday. A review of the daily chart shows that the pair has breached the descending channel pattern. If it re-enters the channel, it could reinforce a bearish bias for the pair.

Additionally, the 14-day Relative Strength Index (RSI), a key momentum indicator, is slightly above the 30 level. A drop below this threshold would indicate an oversold condition, suggesting the possibility of an upward correction for the EUR/USD pair in the near future.

On the downside, if the EUR/USD pair re-enters the descending channel, it could approach the "throwback support" near the psychological level of 1.0800. A break below this key level could increase selling pressure, pushing the pair toward testing the lower boundary of the descending channel around the 1.0770 mark.

In terms of resistance, the EUR/USD pair may encounter an immediate hurdle around the nine-day Exponential Moving Average (EMA) at 1.0897, which is aligned with the psychological level of 1.0900. A break above this resistance could pave the way for the pair to explore the region around the major level of 1.1000.

EUR/USD: Daily Chart

(This story was corrected on October 21 at 08:10 GMT to say, in the last paragraph, that the EUR/USD pair may encounter an immediate hurdle instead of the EUR/GBP pair.)

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.04% 0.08% -0.18% -0.02% 0.07% -0.07% 0.06%
EUR -0.04%   -0.03% -0.31% -0.00% 0.00% -0.22% -0.08%
GBP -0.08% 0.03%   -0.27% -0.09% 0.00% -0.15% -0.07%
JPY 0.18% 0.31% 0.27%   0.14% 0.24% 0.15% 0.17%
CAD 0.02% 0.00% 0.09% -0.14%   0.00% 0.01% -0.06%
AUD -0.07% -0.00% -0.01% -0.24% -0.00%   -0.07% -0.09%
NZD 0.07% 0.22% 0.15% -0.15% -0.01% 0.07%   0.08%
CHF -0.06% 0.08% 0.07% -0.17% 0.06% 0.09% -0.08%  

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).

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD resumes slide below 1.0500

EUR/USD resumes slide below 1.0500

EUR/USD gained modest upward traction ahead of Wall Street's opening but resumed its slide afterwards. The pair is under pressure in the American session and poised to close the week with losses near its weekly low at 1.0452.

EUR/USD News
GBP/USD nears 1.2600 as the US Dollar regains its poise

GBP/USD nears 1.2600 as the US Dollar regains its poise

Disappointing macroeconomic data releases from the UK put pressure on the British Pound, yet financial markets are all about the US Dollar ahead of the weekly close. Demand for the Greenback increased in the American session, pushing GBP/USD towards 1.2600. 

 

GBP/USD News
Gold pierces $2,660, upside remains capped

Gold pierces $2,660, upside remains capped

Gold (XAU/USD) puts pressure on daily lows and trades below $2,660 on Friday’s early American session. The US Dollar (USD) reclaims its leadership ahead of the weekly close, helped by rising US Treasury yields. 

 

Gold News
Broadcom is the newest trillion-dollar company

Broadcom is the newest trillion-dollar company Premium

Broadcom (AVGO) stock surged more than 21% on Friday morning after management estimated on Thursday’s earnings call that the market for customized AI accelerators might reach $90 billion in fiscal year 2027.

Read more
Can markets keep conquering record highs?

Can markets keep conquering record highs?

Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures