Key Moments
- EUR/USD trades near 1.1760 during Asian hours on Tuesday, extending a two-day pullback within an overall ascending channel.
- The pair remains above both the nine-period and 50-period EMAs, with a 14-day RSI around 56 signaling still-positive, non-overbought momentum.
- Key resistance stands at the 12-week high of 1.1849, while immediate support emerges around the nine-day EMA at 1.1744.
Technical Overview: Bullish Bias Intact Despite Recent Decline
EUR/USD continues to edge lower for a second consecutive session, trading around 1.1760 during Asian hours on Tuesday. Despite the current pullback, the daily chart points to an ongoing bullish tone, with price action contained within an ascending channel pattern.
The pair is trading above both the nine-period and 50-period Exponential Moving Averages (EMAs), which maintains a modestly positive bias. The short-term EMA is positioned above the longer-term EMA, and the 14-day Relative Strength Index (RSI) is hovering near 56. This configuration indicates that upside momentum remains supportive, while conditions are not yet stretched into overbought territory.
Key Resistance Levels: Focus on 1.1849 and Channel Top
On the upside, the first major obstacle is the 12-week high at 1.1849, which was reached on April 17. A sustained break above this level would open the way for a move toward the upper boundary of the ascending channel, located around 1.2020.
If buying pressure persists beyond the channel resistance, EUR/USD would be positioned to probe the 1.2082 area. This level represents the highest reading since June 2021 and was recorded on January 27.
| Upside Levels | Price | Notes |
|---|---|---|
| Initial resistance | 1.1849 | 12-week high, hit on April 17 |
| Channel upper boundary | 1.2020 | Top of current ascending channel |
| Next resistance area | 1.2082 | Highest since June 2021, reached on January 27 |
Support Levels: EMA Zone and Channel Floor in Focus
On the downside, the pair may encounter initial support at the nine-day EMA, currently around 1.1744. Below that, the lower boundary of the ascending channel near 1.1730 comes into view, followed by the 50-day EMA at 1.1697.
A deeper decline through these areas would intensify bearish pressure and could steer EUR/USD toward the region surrounding the nine-month low at 1.1411, which was registered on March 13.
| Support Levels | Price | Notes |
|---|---|---|
| Immediate support – nine-day EMA | 1.1744 | First technical floor |
| Ascending channel lower boundary | 1.1730 | Channel support zone |
| 50-day EMA | 1.1697 | Key medium-term moving average |
| Nine-month low | 1.1411 | Marked on March 13 |
Chart Context
EUR/USD remains confined within an ascending channel on the daily timeframe, underscoring the prevailing bullish bias despite the latest retracement. The interaction between price and the EMAs, along with the RSI configuration, will be critical in determining whether the pair resumes its advance toward the recent highs or slips back toward deeper support regions.
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