- EUR/USD could return to the descending channel as the bearish bias is active.
- The pair could approach the “pullback support” near the psychological level of 1.0800.
- The nine-day EMA at 1.0897 appears as the immediate barrier.
EUR/USD drops near 1.0860 during the Asian session on Monday. A review of the daily chart shows that the pair has broken the descending channel pattern. If it re-enters the channel, it could reinforce a bearish bias for the pair.
Furthermore, the 14-day Relative Strength Index (RSI), a key momentum indicator, is slightly above the 30 level. A drop below this threshold would indicate an oversold condition, suggesting the possibility of an upward correction for the EUR/USD pair in the near future.
On the downside, if the EUR/USD pair re-enters the descending channel, it could approach the “retracement support” near the psychological level of 1.0800. A break below this key level could increase selling pressure, pushing the pair towards testing the lower boundary of the descending channel around the 1.0770 mark.
In terms of resistance, the EUR/GBP pair could encounter an immediate hurdle around the nine-day EMA at 1.0897, which is aligned with the psychological level of 1.0900. A break above this resistance could pave the way for the pair to explore the region around the main 1.1000 level.
EUR/USD: Daily Chart
Euro PRICE Today
The table below shows the percentage change of the Euro (EUR) against the main currencies today. The Euro was the weakest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | 0.08% | -0.18% | -0.02% | 0.07% | -0.07% | 0.06% | |
| EUR | -0.04% | -0.03% | -0.31% | -0.00% | 0.00% | -0.22% | -0.08% | |
| GBP | -0.08% | 0.03% | -0.27% | -0.09% | 0.00% | -0.15% | -0.07% | |
| JPY | 0.18% | 0.31% | 0.27% | 0.14% | 0.24% | 0.15% | 0.17% | |
| CAD | 0.02% | 0.00% | 0.09% | -0.14% | 0.00% | 0.01% | -0.06% | |
| AUD | -0.07% | -0.00% | -0.01% | -0.24% | -0.00% | -0.07% | -0.09% | |
| NZD | 0.07% | 0.22% | 0.15% | -0.15% | -0.01% | 0.07% | 0.08% | |
| CHF | -0.06% | 0.08% | 0.07% | -0.17% | 0.06% | 0.09% | -0.08% |
The heat map shows percentage changes for 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 box 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.
