EUR/USD Price Forecast: Eyes 1.1650 barrier near nine-day EMA

EUR/USD pares its recent losses registered in the previous session, trading around 1.1630 during the Asian hours on Wednesday. Daily chart technical analysis indicates a bearish bias as the pair continues to trade within a descending channel pattern.

The EUR/USD pair retains a mildly bearish near-term bias as price holds below the nine- and 50-day Exponential Moving Averages (EMAs), signalling fading upside momentum within a broader consolidative context.

The 14-day Relative Strength Index (RSI) momentum indicator at 38 shows bearish pressure persisting but not yet in oversold territory, which limits evidence of exhaustion on the downside. Together, these signals point to sellers keeping the upper hand while any rebounds remain capped by the short-term average.

The EUR/USD pair may find primary support at the seven-month low of 1.1468. Further declines would put downward pressure on the pair to test the lower boundary of the descending channel near the nine-month low of 1.1391.

On the upside, the EUR/USD may target the initial resistance at the nine-day EMA of 1.1656. A break above the short-term average would improve the market bias and support the pair to test the 50-day EMA at 1.1739, followed by the upper descending channel boundary around 1.1760. Further advances above the channel would lead the pair to explore the region around 1.2082, the highest level since June 2021.

(The technical analysis of this story was written with the help of an AI tool.)