EUR/USD Price Forecast: Remains above 1.1700 as bullish momentum builds
- EUR/USD may rise toward the psychological level of 1.1800.
- The 14-day Relative Strength Index at 61.63 stays in bullish territory, confirming strong momentum.
- The initial support appears at the nine-day EMA of 1.1713.
EUR/USD breaks its four-day losing streak, trading around 1.1720 during the Asian hours on Monday. On the daily chart, technical analysis indicates a prevailing bullish bias, as the pair remains slightly above the ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) at 61.63 remains in bullish territory, confirming firm momentum. RSI above 60 reinforces upward pressure and could sustain tests of nearby ceilings.
The nine-day Exponential Moving Average (EMA) rises and stands above the 50-day EMA, preserving a bullish bias. The EUR/USD pair holding above both averages supports continuation. The positive moving-average alignment keeps the path of least resistance to the upside.
The EUR/USD pair may target the psychological level of 1.1800, aligned with the two-month high of 1.1804, reached on December 16. A break above this resistance area would open the path toward the upper boundary of the ascending channel around 1.1860. Further advances above the channel would lead the pair to explore the region around 1.1918, the highest since June 2021.
On the downside, the immediate support lies at the nine-day EMA of 1.1713, aligned with the lower ascending channel boundary around 1.1710. A break below the channel would weaken the short-term price momentum and put downward pressure on the EUR/USD pair to test the 50-day EMA at 1.1648, followed by the three-week low of 1.1589, which was recorded on December 1.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.18% | -0.22% | -0.04% | -0.23% | -0.18% | -0.09% | |
| EUR | 0.08% | -0.10% | -0.13% | 0.04% | -0.16% | -0.13% | -0.01% | |
| GBP | 0.18% | 0.10% | -0.02% | 0.14% | -0.08% | 0.00% | 0.09% | |
| JPY | 0.22% | 0.13% | 0.02% | 0.18% | -0.02% | 0.04% | 0.13% | |
| CAD | 0.04% | -0.04% | -0.14% | -0.18% | -0.19% | -0.14% | -0.04% | |
| AUD | 0.23% | 0.16% | 0.08% | 0.02% | 0.19% | 0.05% | 0.14% | |
| NZD | 0.18% | 0.13% | -0.00% | -0.04% | 0.14% | -0.05% | 0.09% | |
| CHF | 0.09% | 0.01% | -0.09% | -0.13% | 0.04% | -0.14% | -0.09% |
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).
The technical analysis of this story was written with the help of an AI tool.)
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.
