EUR/USD Price Forecast: Rebounds to near 1.1700 as bullish bias prevails

EUR/USD edges higher after opening at a gap down, trading around 1.1690 during the Asian hours on Monday. The daily chart technical analysis indicates a bullish bias, as the pair is rising within an ascending channel.

The EUR/USD pair holds a modest bullish bias as it stays above both the nine-day and 50-day Exponential Moving Averages (EMAs). This constructive positioning is backed by a 14-day Relative Strength Index near 56, which suggests positive but not overstretched momentum, leaving room for further upside while the pair remains supported on dips.

On the upside, the EUR/USD pair may find its primary barrier at the upper boundary of the ascending channel around 1.1750, followed by the eight-week high of 1.1834, reached on February 23. Further advances above this confluence resistance zone would lead the pair in exploring the region around 1.2082, the highest since June 2021, reached on January 27.

The EUR/USD pair may find the immediate support at the 50-day EMA of 1.1640, aligned with the nine-day EMA of 1.1636. A break below these averages would weaken the price momentum and expose the lower ascending channel boundary around 1.1500, followed by the eight-month low of 1.1411, recorded on March 13.

(The technical analysis of this story was written with the help of an AI tool.)