The EUR/USD pair encountered selling pressure near 1.1375 during the Asian session on Tuesday as the Euro (EUR) weakened against the US Dollar (USD). This decline comes as expectations rise for additional rate cuts from the European Central Bank (ECB) in June, coupled with mixed signals surrounding US-China trade relations.
Despite this, the technical outlook for EUR/USD remains positive, with the pair holding above the critical 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) further supports the bullish sentiment, remaining above the neutral level at 61.95, indicating that upward momentum could continue.
Key resistance for the EUR/USD is seen at the 1.1400 mark, a significant psychological level. If the pair surpasses this barrier, the next resistance comes at 1.1547, the high reached on April 22. A sustained rally could push prices toward 1.1648, the upper boundary of the Bollinger Band.
On the downside, the first target is 1.1315, the low from April 24. A break below this level may open the door to a further decline toward the round figure of 1.1000, with a key support zone at 1.0830, where the 100-day EMA and the lower Bollinger Band converge.
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