EUR/USD Price Forecast: Sideways trading extends with 1.1480 holding bulls
- EUR/USD retreats below 1.1450 after rejection at the 1.1480 range top.
- Cautious markets amid rising geopolitical tensions and higher Oil prices are weighing on the Euro.
- Technically, the pair is going through sideways consolidation after the May-June selloff.
The Euro (EUR) records mild losses against the US Dollar (USD) for the second consecutive day on Friday. The EUR/USD pair trades at 1,1430 after being capped at 1.1480 earlier this week, extending the sideways trend, as geopolitical tensions and higher oil prices keep Euro rallies subdued.
Hostilities in Iran escalated this week, with the US military killing eight people after attacking civilian targets in Bandar Abbas on Friday, while Tehran threatened to close the Bab el-Mandeb strait, another key corridor for gas and oil traffic.
The deteriorating situation in the Middle East has pushed oil prices higher this week. The barrel of Brent Crude is set to close the week near $85.00, about 18% above early June lows. This has offset the positive impact on the Euro of the soft US inflation data and lowered hopes of Federal Reserve (Fed) tightening.
Technical Analysis: The pair keeps looking for direction around 1.1400
The technical picture is little changed this week. EUR/USD keeps trading within a roughly 100-pip range, with momentum indicators on intraday charts showing a lack of clear bias. The 4-hour Relative Strength Index (14) is wavering near the 50 midline, and the Moving Average Convergence Divergence (MACD) slips fractionally negative, together hinting at subdued momentum.
On the topside, initial resistance emerges in the area between the mentioned range top, near 1.1480, and a previous support at the 1.1500 area (June 8 and 11 lows). A break above these levels would encourage bulls to target the June 16 and 17 highs, near 1.1620.
On the downside, immediate support is seen at the July range floor, between 1.1360 and 1.1380, which, so far, is closing the path towards the year-to-date low, at 1.1324. Further down, bears might be attracted by the late-May 2025 low, at 1.1210.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price This week
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.26% | -0.39% | 0.34% | -0.95% | -0.44% | -1.24% | -0.10% | |
| EUR | 0.26% | -0.13% | 0.63% | -0.70% | -0.23% | -0.98% | 0.17% | |
| GBP | 0.39% | 0.13% | 0.72% | -0.56% | -0.09% | -0.85% | 0.35% | |
| JPY | -0.34% | -0.63% | -0.72% | -1.37% | -0.79% | -1.62% | -0.49% | |
| CAD | 0.95% | 0.70% | 0.56% | 1.37% | 0.59% | -0.25% | 0.92% | |
| AUD | 0.44% | 0.23% | 0.09% | 0.79% | -0.59% | -0.75% | 0.31% | |
| NZD | 1.24% | 0.98% | 0.85% | 1.62% | 0.25% | 0.75% | 1.21% | |
| CHF | 0.10% | -0.17% | -0.35% | 0.49% | -0.92% | -0.31% | -1.21% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
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