EUR/USD Price Forecast: Bulls test 1.1700 as RSI turns overbought
EUR/USD heads for a fourth consecutive weekly gain on Friday, although it has erased its earlier intraday advance. At the time of writing, the pair trades around 1.1682 after briefly rising above 1.1700, its highest level since May 14.
The EUR/USD currency pair is on the verge of its fourth consecutive weekly gain, but it has lost some of its earlier momentum. Currently, the pair is trading around 1.1682, having briefly surpassed the 1.1700 mark, its highest level since May 14. Analysts at Scotiabank attribute the strong performance of the EUR this week to a generally lower USD.
They also note that front-end spreads have narrowed since the end of June, indicating a fundamental improvement in the EUR. From a technical standpoint, the bullish outlook remains strong, with EUR/USD having reclaimed key moving averages. However, the Relative Strength Index (RSI) suggests overbought conditions, potentially limiting immediate upside.
The next resistance level is around 1.1700, followed by 1.1800. On the downside, support is provided by the 200-day SMA at 1.1631, with further pullbacks exposing the 1.1400 horizontal floor.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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