EUR/USD Price Forecast: 1.1700 caps bulls as RSI overheats

EUR/USD slips after buyers fail to clear 1.1700 resistance.
Bullish RSI keeps buyers in control, but consolidation looms.
Break below 1.1650 exposes 200-day SMA and 1.1600.

Christian Borjon Valencia FXStreet

The shared currency registers minimal losses of 0.13% versus the US Dollar as EUR/USD fails to surpass 1.1700, exacerbating the drop towards the 1.1660 area, despite retaining its current neutral-to-upward bias.

EUR/USD Price Forecast: Technical Outlook

The EUR/USD is poised to consolidate further, as price action has failed to extend the market structure of higher highs and higher lows. Momentum shifted bullish, as the Relative Strength Index (RSI) shifted overbought, an indication that bulls are in charge.

However, the path of least resistance for EUR/USD is for it to continue trading sideways.

For a bullish resumption, the first resistance for EUR/USD is 1.1700. A breach of the latter will expose the 1.1750 psychological level, followed by the May 6 high at 1.1795, ahead of 1.1800. On further strength, the next stop is the April 17 swing high of 1.1849.

On the downside, if EUR/USD dives below 1.1650, the next area of interest would become the 200-day Simple Moving Average (SMA) at 1.1631. Below this level lies the 1.1600 mark, followed by the 100-day SMA at 1.1574 and by 1.1500.

EUR/USD Price Chart – Daily

Euro Price Today

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

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.13%	0.07%	0.08%	0.57%	0.29%	0.32%	0.17%
EUR	-0.13%		-0.03%	-0.02%	0.43%	0.21%	0.25%	0.06%
GBP	-0.07%	0.03%		0.00%	0.49%	0.21%	0.30%	0.06%
JPY	-0.08%	0.02%	0.00%		0.54%	0.13%	0.24%	0.06%
CAD	-0.57%	-0.43%	-0.49%	-0.54%		-0.36%	-0.19%	-0.42%
AUD	-0.29%	-0.21%	-0.21%	-0.13%	0.36%		0.08%	-0.13%
NZD	-0.32%	-0.25%	-0.30%	-0.24%	0.19%	-0.08%		-0.23%
CHF	-0.17%	-0.06%	-0.06%	-0.06%	0.42%	0.13%	0.23%

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

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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