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, currently trading around 1.1760 during the Asian hours on Monday. This downward movement is evident on the daily chart, where the pair is testing the lower boundary of its ascending channel pattern, indicating a potential breakdown.
Technical indicators support this bearish outlook. The 14-day Relative Strength Index (RSI) stands at 63.92, remaining above its midline but showing a cooling momentum from recent overbought levels. This suggests that buyers are still in control, but the cooling momentum could lead to a shift in sentiment.
The nine-day Exponential Moving Average (EMA) has crossed above the 50-day EMA, reinforcing the bullish bias. However, the pair is currently trading above both averages, maintaining the short-term uptrend. The moving average structure remains favorable for the upside, with the nine-day EMA providing dynamic support and the 50-day EMA supporting the broader climb. A sustained hold above the faster average would further solidify the bullish case.
Looking ahead, the EUR/USD pair could target the psychological level of 1.1800, followed by the three-month high of 1.1808, achieved on December 24. Further gains above this resistance area would open doors towards the 1.1918 level, the highest since June 2021, followed by the upper boundary of the ascending channel at 1.1930.
On the flip side, the pair could find immediate support at the nine-day EMA of 1.1757, which aligns with the lower boundary of the ascending channel. A breakdown below this level would undermine short-term momentum, potentially leading to a test of the 50-day EMA at 1.1673. Further downside could see prices retesting the three-week low of 1.1589, set on December 1.
Euro's Performance Against Major Currencies
The table below showcases the percentage change of the Euro (EUR) against major currencies today. The Euro was the weakest against the Australian Dollar.
| Currency | Percentage Change |
| --- | --- |
| USD | 0.12% |
| EUR | -0.12% |
| GBP | -0.11% |
| JPY | 0.11% |
| CAD | -0.00% |
| AUD | 0.11% |
| NZD | -0.17% |
| CHF | -0.11% |
The heat map, not included here, provides a visual representation of percentage changes between major currencies, with the base currency on the left and the quote currency on top.
