EUR/USD Price Forecast: Tests 1.1700 near ascending channel’s lower boundary
- EUR/USD may find its immediate barrier at the six-week high of 1.1789.
- The bullish bias prevails as the 14-day Relative Strength Index holds above the 50 mark.
- The initial support appears at the ascending channel’s lower boundary around 1.1690.
EUR/USD inches lower after registering around 0.5% gains in the previous session, trading around 1.1710 during the Asian hours on Monday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.
The 14-day Relative Strength Index (RSI) is positioned above the 50 level, strengthening the bullish outlook. Additionally, the EUR/USD pair remains above the nine-day Exponential Moving Average (EMA), indicating that short-term price momentum is stronger.
On the upside, the EUR/USD pair could target the six-week high of 1.1789, reached on July 24, followed by the 1.1830, the highest since September 2021. Further advances will support the currency pair to test the upper boundary of the ascending channel around 1.1870.
The EUR/USD pair could find its primary support at the ascending channel’s lower boundary around 1.1690, followed by the nine-day EMA at 1.1666. A break below this crucial support zone would weaken the short-term price momentum and put downward pressure on the pair to test the 50-day EMA at 1.1585. Further declines would prompt the pair to navigate the area around the two-month low at 1.1391, which was recorded on August 1.
(This story was corrected on August 18 at 05:25 GMT to say, in the title, tests 1.1700, not 1.1900 support.)
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 weakest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | -0.06% | 0.13% | -0.10% | -0.15% | -0.23% | 0.07% | |
| EUR | -0.07% | -0.14% | 0.05% | -0.17% | -0.21% | -0.34% | -0.00% | |
| GBP | 0.06% | 0.14% | 0.10% | -0.03% | -0.07% | -0.20% | 0.09% | |
| JPY | -0.13% | -0.05% | -0.10% | -0.22% | -0.27% | -0.35% | -0.07% | |
| CAD | 0.10% | 0.17% | 0.03% | 0.22% | -0.07% | -0.13% | 0.13% | |
| AUD | 0.15% | 0.21% | 0.07% | 0.27% | 0.07% | -0.13% | 0.16% | |
| NZD | 0.23% | 0.34% | 0.20% | 0.35% | 0.13% | 0.13% | 0.26% | |
| CHF | -0.07% | 0.00% | -0.09% | 0.07% | -0.13% | -0.16% | -0.26% |
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.
