EUR/USD Price Forecast: 1.1700 caps bulls as RSI overheats
The shared currency registers minimal losses of 0.13% versus the US Dollar as EUR/USD fails to surpass 1.1700, exacerbating the drop towards the 1.1660 area, despite retaining its current neutral-to-upward bias.
The EUR/USD exchange rate faltered, failing to break above the 1.1700 mark, causing it to slide towards the 1.1660 area. Despite maintaining a neutral-to-upward bias, the pair's momentum shifted bullish as the Relative Strength Index (RSI) entered an overbought territory, signaling bullish strength. However, the EUR/USD is expected to remain range-bound, with the next resistance level at 1.1700 and potential breakouts leading to higher targets.
If the pair breaches 1.1700, the psychological level of 1.1750 and the May 6 high of 1.1795 would be next on the list, followed by the 1.1800 level. Should EUR/USD decline below 1.1650, the 200-day Simple Moving Average (SMA) at 1.1631 would become a crucial support level. Further down, traders would watch the 1.1600 mark, the 100-day SMA at 1.1574, and eventually the 1.1500 level.
Euro held its strength against the Canadian Dollar, making it the strongest among major currencies in today's percentage changes.
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