USDJPY
EURUSD
EURUSD
EUR/USD Price Forecast: Tests nine-day support near 1.1700
Key Takeaways (30s Read)
EUR/USD is testing support near 1.1700. The bullish bias remains in play.
EUR/USD is trading around 1.1720 during the Asian hours, having shown weakness for four consecutive sessions. Technical analysis on the daily chart suggests a prevailing bullish bias as the pair remains within an ascending channel pattern. The 1.1700 level serves as a crucial nine-day support, and traders should monitor potential rebounds from this level. Given that it is positioned near the bottom of the rising channel, maintaining vigilance on this critical support is essential. In the medium term, upcoming economic indicators and market sentiment are expected to influence the direction of the pair, particularly with respect to expectations around ECB policies.
AI Analyst
AI Opinion
"The fact that EUR/USD is testing support at 1.1700 is a significant technical indicator. Considering the upward channel on the daily chart, the likelihood of a rebound in the short term is considerable. However, the ongoing weakness over the past four days reflects underlying market sentiment, necessitating caution among traders. A breakdown below this level could introduce further downside risks. Therefore, delineating potential rebounds at 1.1700 should be prioritized with a strong risk management strategy. Overall, upcoming economic indicators are set to play a crucial role in shaping entry points for this currency pair."
RECOMMENDED BROKER Trusted Broker
Maximize This Opportunity.
Turn AI-detected market inefficiencies into profit with industry-leading specs. There's a reason pros choose Exness.
Raw Spreads
0.0 pips~
Leverage
Unlimited
Execution
Instant
AI Market Analysis Team
Combining advanced AI algorithms with professional trader insights. We analyze market drivers 24/7 to provide objective trading scenarios.