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EUR/USD Price Forecast: Extends the recent rally to near 1.1650 amid bullish signal
- EUR/USD strengthens to near 1.1635 in Wednesday’s Asian session.
- The major pair keeps the bullish vibe unchanged above the key 100-EMA.
- The first upside barrier emerges at 1.1652; the initial support level is located at 1.1580.
The EUR/USD pair extends its upside to around 1.1635 during the Asian trading hours on Wednesday. Signals that the European Central Bank (ECB) is done cutting interest rates provide some support to the Euro (EUR) against the US Dollar (USD). ECB President Christine Lagarde noted last week that borrowing costs are at the “right level.”
The ECB is anticipated to keep its deposit rate steady at 2.0% again this month, with most analysts expecting rates to stay where they are through 2026, according to Bloomberg.
Looking ahead, traders will keep an eye on the US ADP Employment Change and ISM Services PMI data later on Wednesday. These reports could offer some hints about the labor market and the US economy.
Technical Analysis:
In the daily chart, EUR/USD trades at 1.1635. Price holds above the 100-EMA at 1.1578 and the average is turning higher, keeping the recovery bias intact. Bollinger Bands have contracted and price sits just below the upper band, pointing to steady bullish pressure amid reduced volatility. Immediate resistance stands at the upper band at 1.1652, while initial support rests at the middle band at 1.1580.
RSI at 58.9 is firm above the 50 midline, confirming improving upside momentum. A daily close above 1.1652 would trigger band expansion and extend the advance, whereas failure to break higher could pull the pair back toward the lower Bollinger Band at 1.1507. Bias stays bullish while above the 100-EMA, and dips could find demand near the mid-band.
