EUR/USD Price Forecast: Remains below 1.1700 amid weakening momentum
EUR/USD remains steady after four days of losses, trading around 1.1680 during the Asian hours on Thursday. On the daily chart, the 14-day Relative Strength Index (RSI) at 42.6 (neutral-bearish) indicates weakening momentum after slipping below the 50 midline. RSI staying sub-50 would keep bears engaged and limit recovery attempts.
The EUR/USD pair is currently positioned below the nine-day Exponential Moving Average (EMA) and marginally below the 50-day EMA, underscoring fading upside momentum. The medium-term average edges higher but is flattening, while the short-term average has rolled over, keeping a near-term cap in place.
The EUR/USD pair remains vulnerable while it holds under the declining nine-day EMA. Sustained weakness beneath the short-term average could keep risks skewed to the downside. A close below the 50-day EMA at 1.1682 would weaken the medium-term price momentum and put downward pressure on the pair to test the monthly low of 1.1589, set on December 1.
On the upside, a rebound above the nine-day EMA at 1.1711 would revive the momentum and support the EUR/USD pair to target the three-month high of 1.1808, which was recorded on December 24. Further advances would improve the short-term momentum and open the doors toward the 1.1918, the highest level since June 2021.
(The technical analysis of this story was written with the help of an AI tool.)
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.
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