EUR/USD remains calm after halting its seven-day winning streak, trading around 1.1790 during the Asian hours on Wednesday. The daily chart technical analysis indicates a bullish bias, as the pair is moving upwards within an ascending channel.
The EUR/USD pair maintains a bullish near-term bias as spot holds above both the nine-day and 50-day Exponential Moving Averages (EMAs). The pair is pressing higher with the 14-day Relative Strength Index hovering near 64, suggesting firm positive momentum but edging towards overbought territory as price approaches nearby overhead levels.
On the upside, the EUR/USD pair may retest its immediate barrier at the seven-week high of 1.1811, reached on April 14, followed by the upper boundary of the ascending channel around 1.1830. A sustained break above this confluence resistance zone would lead the pair to explore the region around 1.2082, the highest since June 2021, reached on January 27.
The EUR/USD pair may find the initial support at the nine-day EMA of 1.1702, followed by the nine-day EMA of 1.1655 and the lower ascending channel boundary around 1.1630. Further declines below the channel would expose the eight-month low of 1.1411, recorded on March 13.
EUR/USD: Daily Chart
Euro Price Today
The table below shows the percentage change of the Euro (EUR) against the listed major currencies today. The euro was the weakest against the Australian Dollar.
Comments
Log in or sign up to join the conversation.