EUR/USD Price Forecast: Bulls have the upper hand while above 100-hour SMA, around 1.1380 area

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

  • EUR/USD regains positive traction on Monday amid a broadly weaker USD.

  • The technical setup favors bulls and supports prospects for further gains.

  • Corrective slides to the 1.1370 zone could be seen as a buying opportunity.

The EUR/USD pair attracts some dip-buying at the start of a new week, reversing a part of Friday's slide and stalling last week's pullback from the highest level since April 22. Spot prices trade around the 1.1420 area, up over 0.20% for the day, and seem poised to climb further amid a broadly weaker US Dollar (USD).

From a technical perspective, the EUR/USD pair once again showed resilience and bounced off the 100-hour Simple Moving Average (SMA) support on Friday. The subsequent move-up and positive oscillators on the daily chart favor bulls. Hence, some follow-through strength towards the 1.1450-1.1455 horizontal resistance en route to last week's swing high, closer to the 1.1500 psychological mark, looks like a distinct possibility.

A sustained strength and acceptance above the latter will be seen as a fresh trigger for bullish traders and set the stage for an extension of the EUR/USD pair's recent well-established uptrend witnessed over the past four weeks or so. The momentum could extend further towards the 1.1550 intermediate resistance before spot prices aim to challenge the year-to-date high, around the 1.1575 region touched in April.

On the flip side, Friday's low, around the 1.1370 zone, might now protect the immediate downside, below which the EUR/USD pair could slide to the 1.1340 intermediate support before dropping to sub-1.1300 levels. Some follow-through selling could drag spot prices to the 1.1210 pivotal support tested on May 29. Failure to defend the said support levels might negate the positive outlook and shift the bias in favor of bearish traders.

EUR/USD 1-hour chart

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
EUR/USD trades cautiously around 1.1400 ahead of ECB’s interest rate policyThe EUR/USD pair trades with caution, slightly above the key level of 1.1400 during Asian trading hours on Thursday. The major currency pair is expected to remain sideways, with investors awaiting the European Central Bank's (ECB) interest rate decision announcement at 12:15 GMT.
Author  FXStreet
6 Month 05 Day Thu
The EUR/USD pair trades with caution, slightly above the key level of 1.1400 during Asian trading hours on Thursday. The major currency pair is expected to remain sideways, with investors awaiting the European Central Bank's (ECB) interest rate decision announcement at 12:15 GMT.
placeholder
Dogecoin (DOGE) Consolidates Losses — Can Meme Coin Mania Make a Comeback?Dogecoin started a fresh decline from the $0.2250 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.20. DOGE price started a fresh decline below the
Author  NewsBTC
6 Month 04 Day Wed
Dogecoin started a fresh decline from the $0.2250 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.20. DOGE price started a fresh decline below the
placeholder
EUR/USD hovers below 1.1400 as Eurozone inflation falls below ECB’s 2% targetEUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders’ caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.
Author  FXStreet
6 Month 04 Day Wed
EUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders’ caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.
placeholder
EUR/JPY Price Forecast: Breaks below 163.50, support appears near nine-day EMAEUR/JPY halts its two-day winning streak, trading around 163.30 during the Asian hours on Wednesday. The weakening of a bullish bias appears as the currency cross remains slightly below the lower boundary of the ascending channel, as suggested by the technical analysis of the daily chart.
Author  FXStreet
5 Month 28 Day Wed
EUR/JPY halts its two-day winning streak, trading around 163.30 during the Asian hours on Wednesday. The weakening of a bullish bias appears as the currency cross remains slightly below the lower boundary of the ascending channel, as suggested by the technical analysis of the daily chart.
placeholder
EUR/USD falls to near 1.1300 as bond market optimism offsets impact of US-EU easingEUR/USD continues its losses for the second successive day, trading around 1.1310 during the Asian hours on Wednesday.
Author  FXStreet
5 Month 28 Day Wed
EUR/USD continues its losses for the second successive day, trading around 1.1310 during the Asian hours on Wednesday.
Real-time Quote