The EUR/USD pair attracted some bearish buyers during Friday’s Asian session, halting the previous day’s modest pullback from the 1.1470-1.1475 area, a near two-week high. Spot prices are currently trading just below the mid-1.1400s and appear poised to post gains for the first time in three weeks as unwinding bets on U.S. Federal Reserve (Fed) interest rate increases keep the U.S. dollar (USD) depressed.
From a technical perspective, the EUR/USD pair struggled to find acceptance above the 23.6% Fibonacci retracement level of the April-June decline, but faced rejection near the ascending channel resistance on Thursday. Against the background of the recent decline, the mentioned ascending channel is forming a bear flag formation. This maintains a contained tone below the 200-period exponential moving average (EMA) on the 4-hour chart, which strengthens the upper supply zone.
Meanwhile, dynamics indicators indicate a moderately constructive background. In fact, the relative strength index (RSI) is hovering just below 60, while the moving average divergence (MACD) histogram is slightly positive. Nevertheless, it may be prudent to wait for sustained strength above the 23.6% Fibo. before placing recent bullish bets on the EUR/USD pair and positioning to extend the recent recovery from the 1.1325 region, the lowest level since May 2025.
The next significant threshold is near the top of the channel at 1.1466. Additionally, the 200-period EMA at 1.1516 and the 38.2% retracement at 1.1525 create a broader barrier against deeper Fibonacci limits at 1.1587 and 1.1649. On the other hand, the first noticeable support appears at the lower boundary of the ascending channel around 1.1371, with the initial area of ​​the previous channel near 1.1325 acting as an additional floor if bearish pressure continues.
(The technical analysis for this story was written with the assist of an AI tool.)
EUR/USD 4-hour chart
US dollar price this week
The table below shows the percentage change in the United States Dollar (USD) against the major currencies traded this week. The US dollar was strongest against the Canadian dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.47% | -1.16% | -0.35% | -0.18% | -0.68% | -1.08% | -0.91% | |
| EUR | 0.47% | -0.75% | 0.13% | 0.26% | -0.23% | -0.67% | -0.50% | |
| GBP | 1.16% | 0.75% | 0.90% | 1.01% | 0.51% | 0.07% | 0.25% | |
| JPY | 0.35% | -0.13% | -0.90% | 0.16% | -0.34% | -0.64% | -0.59% | |
| BOOR | 0.18% | -0.26% | -1.01% | -0.16% | -0.50% | -0.80% | -0.67% | |
| AUD | 0.68% | 0.23% | -0.51% | 0.34% | 0.50% | -0.43% | -0.26% | |
| NZD | 1.08% | 0.67% | -0.07% | 0.64% | 0.80% | 0.43% | 0.15% | |
| CHF | 0.91% | 0.50% | -0.25% | 0.59% | 0.67% | 0.26% | -0.15% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select the US dollar from the left column and move along the horizontal line to the Japanese yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
