On the hourly chart of EUR/USD at FXOpen, the pair climbed above the 1.1780 resistance zone before the bears appeared, as discussed in the previous analysis. The Euro started a fresh decline and traded below 1.1765 against the US Dollar.
EUR/USD Price Forecast: Consolidates below mid-1.1700s as Iran risks, Fed bets support USD
Euro weakens below 1.1750 as hotter US inflation bolsters US Dollar
The EURUSD is breaking below its 200-hour moving average at 1.17367 (green line on the chart below), a move that tilts the short-term bias more to the downside. Earlier today, the pair also moved below the 100-hour moving average, currently at 1.17577 (blue line), signaling an initial shift away from the bullish bias that had supported the pair in recent sessions.
The Euro managed to break above the resistance level of the triangle formation to meet the first target at 1.8000. Resistance at 1.1800-35 caused a drop while supports at 1.1600 could create a trading zone.
EUR/USD dipped slightly on Tuesday, retreating to 1.1762. The US dollar has returned to favour as a defensive asset after US President Donald Trump questioned the sustainability of the truce with Iran and rejected Tehran's latest peace proposal.
This is the EUR/USD forecast ahead of the US CPI data for April 2026 and the Fed Chair nomination vote by the US Congress.
EUR/USD Price Forecast: Falls toward 1.1750 near nine-day EMA
Euro consolidates as US Dollar and Oil price dynamics dominate market sentiment
The EUR/USD started the week on shaky footing after gapping lower during the Asian session overnight, before managing to recover nicely along with everything else once Europe came online. There was little in the way of major economic data today, but markets reacted to a modest pullback in oil prices after their earlier surge.
The week begins slowly for the euro, as EUR/USD price action in the first sessions shows moves of only around 0.2%, lower than those seen at the end of last week, reflecting a lack of clear short-term direction.
Euro: Recovery against US Dollar targets key Fib level – Scotiabank