EUR/USD Price Forecast: 1.1700 caps bulls as RSI overheats
The shared currency registers minimal losses of 0.13% versus the US Dollar as EUR/USD fails to surpass 1.1700, exacerbating the drop towards the 1.1660 area, despite retaining its current neutral-to-upward bias.
EUR/USD Price Forecast: Technical Outlook
The EUR/USD is poised to consolidate further, as price action has failed to extend the market structure of higher highs and higher lows. Momentum shifted bullish, as the Relative Strength Index (RSI) shifted overbought, an indication that bulls are in charge.
However, the path of least resistance for EUR/USD is for it to continue trading sideways.
For a bullish resumption, the first resistance for EUR/USD is 1.1700. A breach of the latter will expose the 1.1750 psychological level, followed by the May 6 high at 1.1795, ahead of 1.1800. On further strength, the next stop is the April 17 swing high of 1.1849.
On the downside, if EUR/USD dives below 1.1650, the next area of interest would become the 200-day Simple Moving Average (SMA) at 1.1631. Below this level lies the 1.1600 mark, followed by the 100-day SMA at 1.1574 and by 1.1500.
EUR/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Outlook remains moderate after product line expansion! Zoom (ZM.US) Q2 results exceeded expectations, but Q3 guidance failed to boost investor confidence
Zoom reported better-than-expected results for the second quarter of fiscal year 2027, but at the same time provided a somewhat subdued revenue outlook for the third quarter, disappointing investors who had hoped that the company's expanding product portfolio would drive greater growth.
JOYY (JOYY.US) Q2 revenue growth continues to accelerate, raises full-year operating profit forecast for 2026
JOYY's total revenue for the second quarter reached $590.8 million, representing a year-on-year increase of 16.3% and a quarter-on-quarter increase of 6.3%, achieving both annual and quarterly growth.
2-Yr Benchmark Govt Yields - Germany vs Other Nations
10-Yr Benchmark Govt Yields - U.S. vs Other Nations
Crypto prices
More
