Key Moments
- EUR/USD traded around 1.1710 during Asian hours on Thursday after three consecutive sessions of losses.
- The pair is hovering between the nine-day EMA at 1.1730 and the 50-day EMA at 1.1697, keeping the near-term bias broadly neutral.
- Euro showed its strongest performance today against the New Zealand Dollar in the major FX complex.
EUR/USD Technical Setup Around Key EMAs
EUR/USD edged higher during Asian trading on Thursday, changing hands near 1.1710 after three straight days of declines. On the daily chart, the pair sits on the lower boundary of an ascending channel pattern, a configuration that signals the potential for a bearish reversal.
The spot rate is trading just above the 50-day Exponential Moving Average (EMA), currently aligned with the lower channel support near 1.1697, while upside is constrained by the nine-day EMA at 1.1730. This range-bound behavior reflects consolidation after earlier appreciation, with the shorter EMA acting as immediate resistance.
The 14-day Relative Strength Index (RSI) is fluctuating around the 50 mark, pointing to balanced momentum and the absence of a clear directional trend. Taken together, these indicators suggest that the near-term tone remains broadly neutral, with a slight bullish inclination as long as prices hold above the 50-day EMA.
Upside Levels: Resistance and Extension Targets
On the topside, the first notable obstacle is the nine-day EMA at 1.1730. A sustained break above this level would open the way toward the 12-week peak at 1.1849, which was registered on April 17. If the pair clears that high, attention would turn to the upper boundary of the ascending channel, located around 1.2040.
Further strength beyond the channel top would expose the region near 1.2082, identified as the highest level since June 2021 and last seen on January 27. These levels define the main upside reference points for traders monitoring a potential continuation of the broader advance.
Downside Risk: Channel Support and Multi-Month Low
On the downside, EUR/USD is currently positioned at the lower edge of the ascending channel, which coincides with the 50-day EMA around 1.1697. A clear move below this confluence of technical support would increase downward pressure and shift focus toward the nine-month trough at 1.1411, recorded on March 13.
Failure to hold the channel support would therefore mark a meaningful deterioration in the technical picture, signaling a possible transition from consolidation into a deeper corrective phase.
Euro Performance Against Major Currencies
The following table summarizes the percentage change of the Euro (EUR) versus major currencies today. According to the data, the Euro was strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.04% | -0.05% | -0.03% | -0.01% | 0.02% | 0.06% | -0.06% | |
| EUR | 0.04% | -0.03% | 0.00% | 0.03% | 0.00% | 0.06% | -0.02% | |
| GBP | 0.05% | 0.03% | 0.02% | 0.06% | 0.06% | 0.09% | 0.03% | |
| JPY | 0.03% | 0.00% | -0.02% | -0.01% | 0.03% | 0.06% | -0.05% | |
| CAD | 0.01% | -0.03% | -0.06% | 0.00% | 0.04% | 0.06% | 0.00% | |
| AUD | -0.02% | 0.00% | -0.06% | -0.03% | -0.04% | 0.05% | -0.00% | |
| NZD | -0.06% | -0.06% | -0.09% | -0.06% | -0.06% | -0.05% | -0.07% | |
| CHF | 0.06% | 0.02% | -0.03% | 0.05% | -0.00% | 0.00% | 0.07% |
The heat map uses the currency listed in the left column as the base and the one in the top row as the quote. For instance, selecting the Euro from the left column and moving to the US Dollar column shows the percentage move in EUR (base)/USD (quote).
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