Euro gains vs dollar as bullish signals build above MAs

Key Moments

EUR/USD traded around 1.1670 in Asian hours on Wednesday, extending gains for a third consecutive session.
The 14-day RSI at 56 signaled positive momentum, reinforcing the recent bullish reversal above the descending channel.
Euro outperformed the US Dollar on the day, with EUR showing a 0.64% gain against USD in cross-currency moves.

EUR/USD Technical Setup: Rebound Above Moving Averages

EUR/USD continued its advance for a third straight day, hovering near 1.1670 during Asian trading on Wednesday. Price action on the daily chart reflected a bullish reversal, with the pair pushing above a previously dominant descending channel pattern.

The pair climbed back above both the nine-day and 50-day Exponential Moving Averages (EMAs), establishing a tentative upside bias after an earlier period of weakness. This move placed EUR/USD back into a more constructive technical posture, as it now trades above a cluster of shorter-dated averages.

Momentum Indicators and Directional Bias

The 14-day Relative Strength Index (RSI) stood at 56, indicating that momentum has shifted in favor of buyers and is holding above the neutral midline. This configuration has supported the ongoing recovery, easing immediate downside risk.

As long as EUR/USD remains above the recent breakout zone and maintains levels above the shorter-term moving averages, buyers appear to retain control. Sustained trading above these reference points would leave room for further upside extension.

Upside Targets: Multi-Week and Multi-Month Highs

On the topside, EUR/USD may aim for the six-week high at 1.1795, which was previously reached on March 2. A break above that level would reinforce the bullish scenario and open the way for a test of the 1.2082 region, which marked the highest level since June 2021 and was reached on January 27.

Support Levels and Downside Risk

On the downside, the nearest technical support is located at the 50-day EMA around 1.1632, followed by the nine-day EMA at 1.1575. A sustained move back into the former descending channel would likely reintroduce selling pressure.

In that case, EUR/USD could be drawn toward the eight-month low at 1.1411, recorded on March 13. A deeper decline would expose the lower boundary of the descending channel near 1.1220, adding to the bearish pressure if tested.

EUR/USD: Daily Chart

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

Euro Performance Against Major Currencies

The following table presents the percentage change of the Euro (EUR) against major currencies today. Over the period shown, the Euro was strongest versus the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.64%	-0.77%	-0.74%	-0.32%	-1.04%	-1.49%	-0.93%
EUR	0.64%		-0.14%	-0.13%	0.32%	-0.40%	-0.89%	-0.30%
GBP	0.77%	0.14%		0.00%	0.46%	-0.24%	-0.72%	-0.16%
JPY	0.74%	0.13%	0.00%		0.44%	-0.26%	-0.74%	-0.17%
CAD	0.32%	-0.32%	-0.46%	-0.44%		-0.70%	-1.16%	-0.61%
AUD	1.04%	0.40%	0.24%	0.26%	0.70%		-0.48%	0.08%
NZD	1.49%	0.89%	0.72%	0.74%	1.16%	0.48%		0.57%
CHF	0.93%	0.30%	0.16%	0.17%	0.61%	-0.08%	-0.57%

The heat map illustrates percentage changes among major currencies. The base currency is listed in the left column, and the quote currency appears in the top row. For instance, selecting the Euro from the left column and moving horizontally to the US Dollar cell shows the percentage change for EUR (base)/USD (quote).