EUR/USD Analysis
- The EUR/USD pair may face resistance at a six-week high of 1.1789 for the time being.
- A bullish sentiment is present, as the 14-day relative strength index remains above 50.
- Initial support is likely found at the lower edge of the ascending channel near 1.1690.
Following an increase of about 0.5% in the previous session, the EUR/USD slipped slightly, hovering around 1.1710 during the Asian trading hours on Monday. Technical analysis on daily charts indicates a growing bullish trend as the pair continues trading within a rising channel pattern.
The 14-day relative strength index (RSI) remains above the 50 threshold, reinforcing the optimistic outlook. Additionally, the EUR/USD is positioned above the nine-day exponential moving average (EMA), suggesting strong short-term price momentum.
On a different note, the EUR/USD hit a target high of 1.1830 back on July 24th, reflecting a six-week peak from September 2021.
Key support for the EUR/USD pair is likely to be at the lower limit of the upward channels around 1.1690, followed by the nine-day EMA at 1.1666. Should there be a breach of this crucial support area, the short-term price momentum could weaken, placing downward pressure on the pair and testing the 50-day EMA at 1.1585. A more significant drop could lead the pair toward a two-month low of 1.1391, noted on August 1.
EUR/USD: Daily Charts
Today’s Euro Price
The following table outlines the euro’s (EUR) performance against various currencies today, indicating that it is weakest versus the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | -0.06% | 0.13% | -0.10% | -0.15% | -0.23% | 0.07% | |
| EUR | -0.07% | -0.14% | 0.05% | -0.17% | -0.21% | -0.34% | -0.00% | |
| GBP | 0.06% | 0.14% | 0.10% | -0.03% | -0.07% | -0.20% | 0.09% | |
| JPY | -0.13% | -0.05% | -0.10% | -0.22% | -0.27% | -0.35% | -0.07% | |
| CAD | 0.10% | 0.17% | 0.03% | 0.22% | -0.07% | -0.13% | 0.13% | |
| AUD | 0.15% | 0.21% | 0.07% | 0.27% | 0.07% | -0.13% | 0.16% | |
| NZD | 0.23% | 0.34% | 0.20% | 0.35% | 0.13% | 0.13% | 0.26% | |
| CHF | -0.07% | 0.00% | -0.09% | 0.07% | -0.13% | -0.16% | -0.26% |
The rate of change of major currencies against one another is summarized in this heatmap. It implies, for example, that if the Euro is compared with the US Dollar, the resulting percentage reflects that pairing.
