EUR/USD softens to near 1.1765 in Monday’s early European session.
The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at 1.1830; the first support level to watch is 1.1717.
The EUR/USD pair edges lower to around 1.1765 during the early European session on Monday. The renewed concerns about a global trade war and tariff uncertainty weigh on the shared currency. US Treasury Secretary Bessent said on Sunday that Trump will send letters to some trading partners, warning that tariffs could revert to April 2 levels on August 1 if no progress is made on a trade deal.
Technically, the constructive outlook of EUR/USD remains in place as the major pair is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 68.15, displaying bullish momentum in the near term.
On the bright side, the first upside barrier emerges at 1.1830, the high of July 1. A decisive break above this level could pick up more momentum and aim for 1.1875, the upper boundary of the Bollinger Band. Further north, the next resistance level is seen at 1.1975, the high of June 25, 2021.
In the bearish case, the low of July 3 at 1.1717 acts as an initial support level for EUR/USD. A breach of this level could drag the major pair toward 1.1631, the high of June 12. The additional downside filter to watch is 1.1453, the low of June 23.
EUR/USD daily chart
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