EUR/USD Price Forecast: Eyes 1.1650 barrier near nine-day EMA
EUR/USD pares its recent losses registered in the previous session, trading around 1.1630 during the Asian hours on Wednesday. Daily chart technical analysis indicates a bearish bias as the pair continues to trade within a descending channel pattern.
The EUR/USD pair retains a mildly bearish near-term bias as price holds below the nine- and 50-day Exponential Moving Averages (EMAs), signalling fading upside momentum within a broader consolidative context.
The 14-day Relative Strength Index (RSI) momentum indicator at 38 shows bearish pressure persisting but not yet in oversold territory, which limits evidence of exhaustion on the downside. Together, these signals point to sellers keeping the upper hand while any rebounds remain capped by the short-term average.
The EUR/USD pair may find primary support at the seven-month low of 1.1468. Further declines would put downward pressure on the pair to test the lower boundary of the descending channel near the nine-month low of 1.1391.
On the upside, the EUR/USD may target the initial resistance at the nine-day EMA of 1.1656. A break above the short-term average would improve the market bias and support the pair to test the 50-day EMA at 1.1739, followed by the upper descending channel boundary around 1.1760. Further advances above the channel would lead the pair to explore the region around 1.2082, 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.
You may also like
Intel (INTC.US) Decline Continues: PC Slowdown Is Just the Trigger, Foundry Dilemma Is the Main Issue
Intel (INTC.US) is facing increasing pressure to get its struggling foundry business off the ground.
Palantir (PLTR.US) commercial revenue surpasses government for the first time, annual forecast revised up to $8.53 billion
Palantir’s Q3 revenue increased by 96% year-on-year to $2.31 billion, with its commercial business surpassing government contracts for the first time. CEO Karp stated that demand for sovereign AI remains strong, and the company raised its full-year revenue guidance to $8.53 billion. Despite stock price volatility after hours, both profit indicators exceeded expectations.
US and Iran Show 'Willingness to Negotiate', Causing Global Energy Prices to Plummet
Iran's Supreme Leader has authorized the government to negotiate, while Trump has explicitly stated he "will not" resume military strikes if re-elected. The energy market is under pressure across the board: Brent crude plummeted over 6% in a single day, WTI fell below the $100 mark, and European benchmark natural gas futures at one point plunged nearly 11%. With the US election approaching, Trump faces both electoral challenges and pressure from Israel to initiate conflict. Iran has proposed a "seven-day plan" as its bottom line for reopening the Strait, with substantial underlying disagreements. Coupled with a sharp global inventory reduction of nearly 1 billion barrels, the downside for oil prices may be limited.
Crypto prices
More
