Free Forex Signals

• EUR/USD rallies to near 1.1700 as the US Dollar’s safe-haven demand diminishes.
• US President Trump suspends scheduled attacks on Iran as it agrees to reopen the Hormuz.
• Eurozone Retail Sales declines 0.2% MoM in February, in line with expectations.

The EUR/USD pair trades 0.75% higher to near 1.1700 during the European trading session on Wednesday. The major currency pair strengthens as the US Dollar (USD) underperforms amid an upbeat market mood.

TEUR/USD technical analysis

EUR/USD trades sharply higher at around 1.1700 during the press time. The near-term bias is bullish as price extends above the descending support trend line of the Symmetrical Triangle formation from 1.1403 and holds over the 200-day exponential moving average clustered around 1.1560, indicating buyers control the pullbacks for now.

The latest RSI reading at 57 shows positive momentum without overbought conditions, reinforcing the upside tilt after the recovery from the mid-1.14s.

Initial support emerges at the trend-line area near 1.1600, with the 200-day EMA just beneath reinforcing this zone; a break below would expose the 1.1550 region as the next downside level. On the topside, the intraday high of 1.1708 is the immediate resistance, followed by the March high at around 1.1800, where a sustained break would confirm continuation of the nascent upswing.

• British Pound flat lines near 215.00 as looming intervention risks support JPY
• EUR/JPY Price Forecast: Euro holds above 183.75 with bearish pressure mounting
• British Pound: Sterling gains strength against Euro – Societe Generale
• Euro climbs further beyond 1.1400 as USD weakens ahead of US NFP report
• Euro weakens vs Yen amid slower Eurozone inflation, Japan intervention fears