EUR/USD Price Forecast: Testing the Waters Near 1.1750
The EUR/USD currency pair is experiencing a downward trend, shedding ground for the fourth consecutive session. It currently trades around 1.1760 during the Asian hours on Monday. On the daily chart, technical analysis reveals a bearish bias, as the pair struggles to maintain its position above the lower boundary of the ascending channel pattern.
The 14-day Relative Strength Index (RSI) stands at 63.92, indicating a constructive outlook above its midline. However, it has cooled from recent overbought levels, suggesting a potential shift in momentum. Despite this, the RSI remains elevated, signifying that buyers are still in control, even as momentum wanes from previous highs.
The nine-day Exponential Moving Average (EMA) has crossed above the 50-day EMA, reinforcing a bullish bias. The EUR/USD pair is trading above both averages, maintaining the short-term uptrend. This moving average structure continues to favor the upside, with the upward-sloping nine-day EMA providing dynamic support and the 50-day EMA underpinning the broader climb. A sustained hold above the faster average would solidify the upward trajectory.
Looking ahead, the EUR/USD pair could target the psychological level of 1.1800, followed by the three-month high of 1.1808, recorded on December 24. Further gains above this resistance area would open doors towards 1.1918, the highest level since June 2021, followed by the upper boundary of the ascending channel around 1.1930.
However, on the downside, the pair could find immediate support at the nine-day EMA of 1.1757, aligned with the lower ascending channel boundary. A break below the channel would undermine short-term momentum, exposing the pair to a test of the 50-day EMA at 1.1673. Further declines could see prices retesting the three-week low of 1.1589, set on December 1.
Euro Price Movement
The table below illustrates the percentage change of the Euro (EUR) against major currencies today. The Euro was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.12% | -0.12% | 0.11% | 0.00% | -0.11% | 0.17% | 0.11% |
| -0.04% | -0.22% | 0.04% | -0.15% | -0.25% | 0.03% | -0.03% |
| -0.11% | -0.19% | -0.11% | -0.11% | -0.22% | 0.06% | 0.00% |
| 0.11% | 0.22% | 0.19% | 0.07% | -0.01% | 0.25% | 0.15% |
| -0.00% | 0.15% | 0.11% | -0.07% | -0.11% | 0.17% | 0.11% |
| 0.11% | 0.25% | 0.22% | 0.01% | 0.11% | 0.28% | 0.22% |
| -0.17% | -0.06% | -0.03% | -0.25% | -0.17% | -0.28% | -0.06% |
| -0.11% | -0.00% | 0.03% | -0.15% | -0.11% | -0.22% | 0.06% |
The heat map provides percentage changes of major currencies against each other, with the base currency on the left and the quote currency on top. For instance, selecting the Euro from the left column and moving along the horizontal line to the US Dollar, the displayed percentage change represents EUR/USD.
