- EUR/USD could extend its rise as the daily chart analysis shows a bullish bias.
- The pair could face potential resistance near a three-month high at 1.0915.
- The lower boundary of the ascending channel around the 1.0830 level could act as immediate support.
The EUR/USD continues its winning streak for the third consecutive day, trading around 1.0870 during Asian hours on Friday. The EUR/USD pair found support as the US Dollar (USD) weakened following softer-than-expected US Consumer Price Index (CPI) data in June. This has raised expectations of a possible rate cut by the Federal Reserve (Fed) in September.
The technical analysis of the daily chart shows a bullish bias, with the pair moving within an ascending channel. Moreover, the 14-day Relative Strength Index (RSI), a momentum indicator, is above the 50 level, confirming the bullish trend for the EUR/USD pair. The continued upward movement could reinforce the bullish bias of the pair.
The EUR/USD pair is facing potential resistance near a three-month high at 1.0915. Another barrier appears around the upper boundary of the ascending channel around 1.0960. A break above this level could lead the pair to explore the region around the psychological level of 1.1000.
On the downside, initial support for EUR/USD is found near the lower boundary of the ascending channel around the 1.0830 level, followed by the nine-day exponential moving average (EMA) at the 1.0822 level.
A break below the latter could increase the downward pressure, targeting support around the key 1.0670 level, which could serve as a rebound support level.
EUR/USD: Daily Chart
Euro PRICE Today
The table below shows the exchange rate of the Euro (EUR) against major currencies today. The Euro was the strongest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.01% | 0.11% | -0.08% | -0.14% | -0.10% | -0.03% | |
| EUR | 0.03% | 0.04% | 0.19% | -0.06% | -0.12% | -0.08% | -0.03% | |
| GBP | -0.01% | -0.04% | 0.14% | -0.11% | -0.17% | -0.13% | -0.07% | |
| JPY | -0.11% | -0.19% | -0.14% | -0.26% | -0.28% | -0.26% | -0.19% | |
| CAD | 0.08% | 0.06% | 0.11% | 0.26% | -0.05% | -0.02% | 0.03% | |
| AUD | 0.14% | 0.12% | 0.17% | 0.28% | 0.05% | 0.04% | 0.10% | |
| NZD | 0.10% | 0.08% | 0.13% | 0.26% | 0.02% | -0.04% | 0.07% | |
| CHF | 0.03% | 0.03% | 0.07% | 0.19% | -0.03% | -0.10% | -0.07% |
The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent EUR (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
