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EUR/USD Price Forecast: Holds above 1.1700 as USD bulls seem hesitant ahead of FOMC meeting

  • EUR/USD edges lower as the US-Iran stalemate revives demand for the safe-haven USD.
  • Bets for at least one Fed rate cut in 2026 might cap the USD ahead of the FOMC meeting.
  • The mixed technical setup warrants some caution before positioning for a firm direction.

The EUR/USD pair trades with a mild negative bias during the Asian session on Tuesday and looks to extend the previous day's retracement slide from levels just above mid-1.1700s.

The uncertainty over the second round of US-Iran peace talks underpins the safe-haven US Dollar (USD), which, in turn, is seen as a key factor acting as a headwind for spot prices. The USD bulls, however, seem hesitant and opt to wait for the outcome of a two-day FOMC policy meeting on Wednesday before placing aggressive bets. This assists the EUR/USD pair to hold above the 1.1700 round-figure mark.

The EUR/USD pair holds a modest bullish bias as it trades above the 200-period Simple Moving Average (SMA) and the 38.2% Fibonacci retracement level of the recent move up from the late March low. However, momentum oscillators are mixed and hint that upside pressure is constructive but not impulsive. The Moving Average Convergence Divergence (MACD) line is marginally positive and above its signal.

That said, the Relative Strength Index (RSI) slips back toward the mid-40s. Adding to this, the overnight failure near the 23.6% Fibo. and the subsequent fall warrants caution before placing positioning for any meaningful appreciating move. On the topside, initial resistance emerges at 1.1749 (23.6% Fibo. level), ahead of a more substantial barrier at the recent cycle high region just ahead of mid-1.1800s.

On the downside, immediate support is seen at the 38.2% Fibo. retracement at 1.1690, with further cushions at the 50.0% level around 1.1643 and the 61.8% retracement near 1.1595. A deeper pullback toward 1.1528 and 1.1442 would only come into view if the EUR/USD pair slips decisively below the 200-period SMA on the 4-hour chart.

(The technical analysis of this story was written with the help of an AI tool.)

EUR/USD 4-hour chart

Chart Analysis EUR/USD

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.06%0.03%-0.22%0.06%0.04%0.15%0.12%
EUR-0.06%-0.04%-0.30%-0.02%-0.04%0.04%0.06%
GBP-0.03%0.04%-0.24%0.03%0.02%0.10%0.10%
JPY0.22%0.30%0.24%0.29%0.28%0.36%0.35%
CAD-0.06%0.02%-0.03%-0.29%-0.02%0.06%0.07%
AUD-0.04%0.04%-0.02%-0.28%0.02%0.09%0.12%
NZD-0.15%-0.04%-0.10%-0.36%-0.06%-0.09%-0.01%
CHF-0.12%-0.06%-0.10%-0.35%-0.07%-0.12%0.00%

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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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