EUR/USD Price Forecast: Recovery remains fragile below key moving averages
EUR/USD struggles to extend its gains on Friday as the US Dollar (USD) steadies after coming under heavy pressure on Thursday. At the time of writing, the pair trades around 1.1230, below an intraday high of 1.1269, but remains on track for its first weekly gain in six weeks.
EUR/USD price forecast remains uncertain as the pair struggles to surpass key moving averages. The US Dollar, supported by hawkish Federal Reserve expectations and steady after a pressure-plagued week, holds steady against the Euro, trading around 1.1230. Despite reaching the H1 2027 target of 1.12 faster, Nordea analysts cut their year-end forecast to 1.10, expecting a low of 1.08 in the first half of 2027 before a potential recovery to 1.14 by year-end 2027 and 1.20 by the end of 2028.
The bearish sentiment is reinforced by price being below both the 50-day and 100-day SMAs, as well as a dense cluster of Fibonacci retracement levels. RSI at 38 suggests the pair is recovering from oversold conditions, while MACD hints at waning downside momentum. On the upside, initial resistance is at the 23.6% Fibonacci retracement at 1.1239, followed by further resistance levels at 1.1319, 1.1383, and 1.1447.
Support, however, remains at the structural Fibonacci anchor near 1.1111, with a sustained break potentially extending the bearish phase.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
