The EUR/USD pair trades slightly higher around 1.1570 during the late Asian trading session on Thursday. The major currency pair edges higher as the US Dollar (USD) trades subduedly, while the broader outlook of the latter remains firm in the wake of Iran’s refusal to the United States (US) President Donald Trump’s ceasefire plan.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, struggles to extend Wednesday’s upside move above 99.70.
According to an Iranian state TV, Tehran would “end the war when it decides to do so and when its own conditions are met”, and until then would continue fighting across the region, The Guardian reported.
Tehran’s conditions include guarantees of no attacks on Iran, allowance to pursue missile program, reparations of war, and toll system on the Strait of Hormuz.
Meanwhile, the Euro (EUR) trades broadly higher as European Central Bank (ECB) President Christine Lagarde has opened the door for interest rate hikes, if inflation proves to be more than temporary. “If the shock gives rise to a large though not-too-persistent overshoot of our target, some measured adjustment of policy could be warranted,” Lagarde said on Wednesday.
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.
EUR/USD technical analysis
EUR/USD is up 0.1% to near 1.1570 during the press time. The near-term bias is mildly bullish as price trades in a Rising Channel pattern. However, its placement below the gently declining 200-period Exponential Moving Average (EMA) around 1.1642 tempers upside conviction and frames the move as a grind higher within a broader corrective context.
The 14-day Relative Strength Index (RSI) around 50 shows balanced momentum, suggesting the current recovery lacks strong directional pressure but continues to lean upward while the channel support holds.
Initial support is located at the channel bottom near 1.1550, with a break below exposing a deeper pullback toward the prior reaction area around 1.1485. On the topside, the major resistance lies at the 200-period EMA at 1.1642, which acts as a pivotal barrier for any extension of gains within the channel. A sustained move above 1.1642 would open the way toward the channel top above 1.1700, while failure to clear 1.1615 would keep the pair confined to a consolidative climb along the lower half of the ascending structure.
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