EUR/USD continued its decline for the second consecutive day, trading around 1.1760 during Asian hours on Tuesday, approaching the nine-day Exponential Moving Average (EMA) at 1.1744 [1]. Despite the recent losses, technical analysis indicates the pair remains within an ascending channel pattern, suggesting an ongoing mild bullish bias [1]. The pair is currently holding above both the nine-period and 50-period EMAs, with the short-term EMA positioned above the longer one. Additionally, the 14-day Relative Strength Index (RSI) is around 56, indicating constructive upside momentum that is not yet in overbought territory [1].
Key resistance levels are identified at the 12-week high of 1.1849, reached on April 17. A break above this level could see EUR/USD test the upper boundary of the ascending channel near 1.2020, with further advances potentially targeting 1.2082, the highest level since June 2021, last seen on January 27 [1]. On the downside, immediate support is at the nine-day EMA of 1.1744, followed by the lower boundary of the ascending channel at 1.1730 and the 50-day EMA at 1.1697. Should the pair continue to decline, it may approach the nine-month low of 1.1411, recorded on March 13 [1].
No explicit market reactions or analyst opinions are provided in the article. The technical outlook, however, suggests that while the pair is experiencing short-term losses, the broader trend remains mildly bullish as long as key support levels hold [1]. Forward-looking statements are limited to technical projections based on price levels and moving averages [1].
CONCLUSION
EUR/USD is experiencing short-term losses but remains above key technical support levels, maintaining a mild bullish bias. The market is watching for a break above resistance at 1.1849 or a move below support at 1.1744 to determine the next significant direction. No explicit market reactions or analyst commentary are provided in the source.