Key Moments
- EUR/USD was trading around 1.1790 during Asian hours, consolidating just below the seven-week high of 1.1811.
- The 14-day Relative Strength Index near 64 has been signaling strong positive momentum, with the pair trading within an ascending channel.
- Immediate technical support has been identified at the nine-day EMA at 1.1702, with deeper downside levels seen at 1.1655 and around 1.1630.
EUR/USD Holds Firm After Rally Pause
EUR/USD has been trading in a steady manner after ending a seven-day winning streak, with the pair quoted around 1.1790 during Asian trading on Wednesday. Price action on the daily chart continues to point to a constructive technical picture, as the pair trends higher within an ascending channel formation.
The short-term outlook remains positive, with spot EUR/USD staying above both the nine-day and 50-day Exponential Moving Averages (EMAs). Upward pressure has persisted while the 14-day Relative Strength Index (RSI) has hovered near 64, indicating solid bullish momentum and signaling that conditions are moving closer to overbought territory as the pair approaches nearby resistance levels.
Upside Levels: Retest of Seven-Week High in Focus
On the topside, EUR/USD may revisit its immediate resistance at the seven-week high of 1.1811, which was last reached on April 14. If buyers manage to extend the move, the next area of interest is the upper boundary of the ascending channel, located around 1.1830.
A decisive break and sustained trading above this combined resistance zone could open the door for a move toward the region around 1.2082. That level marked the highest reading since June 2021 and was previously reached on January 27.
Support Zones: EMAs and Channel Floor as Key Backstops
On the downside, initial support for EUR/USD is seen at the nine-day EMA at 1.1702. Below that, additional support is noted at 1.1655, and then at the lower boundary of the ascending channel around 1.1630.
If selling pressure were to push the pair below the channel support, downside risks would increase toward the eight-month low of 1.1411, which was recorded on March 13.
EUR/USD: Daily Chart
Euro Performance Against Major Currencies
The following table shows the percentage change of the Euro (EUR) against major currencies today. According to the data, the Euro was the weakest versus the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.00% | 0.11% | 0.06% | -0.17% | 0.02% | 0.06% | |
| EUR | -0.07% | -0.06% | 0.06% | -0.01% | -0.17% | -0.05% | -0.01% | |
| GBP | -0.00% | 0.06% | 0.13% | 0.09% | -0.10% | 0.01% | 0.05% | |
| JPY | -0.11% | -0.06% | -0.13% | -0.06% | -0.21% | -0.14% | -0.08% | |
| CAD | -0.06% | 0.00% | -0.09% | 0.06% | -0.15% | -0.05% | -0.02% | |
| AUD | 0.17% | 0.17% | 0.10% | 0.21% | 0.15% | 0.10% | 0.15% | |
| NZD | -0.02% | 0.05% | -0.01% | 0.14% | 0.05% | -0.10% | 0.05% | |
| CHF | -0.06% | 0.00% | -0.05% | 0.08% | 0.02% | -0.15% | -0.05% |
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