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EUR/USD Price Near-term tone remains bearish as 20-day EMA slopes downwards
- EUR/USD ticks lower to near 1.1633 as US forces strike at Iranian missile launcher sites.
- The US military clarified that strikes were in “self-defense” and not meant to dismiss the ceasefire with Iran.
- US President Trump said that negotiations with Iran are proceeding nicely.
The EUR/USD pair trades marginally lower at around 1.1633 during the Asian trading session on Tuesday. The major currency pair faces slight selling pressure as the US Dollar (USD) attacks some bids due to fears that the United States (US)-Iran negotiations could face a setback.
According to a spokesperson from the US Central Command, US forces conducted strikes in southern Iran on Monday, which were aimed at missile launch sites and Iranian vessels aiming to deploy mines.
However, the US military has clarified that the nature of the strikes was “defensive” and were not meant to end the ceasefire with Tehran.
The event has resulted in a slight recovery in the US Dollar (USD) and a decent one in oil prices. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally higher to near 99.05.
Meanwhile, US President Donald Trump has stated that negotiations with Iran to end the conflict are “proceeding nicely”, Bloomberg reported.
EUR/USD technical analysis
EUR/USD trades slightly lower at around 1.1635, keeping a bearish near-term bias as spot holds below the 20-day Exponential Moving Average (EMA) at 1.1667.
The pair has been grinding lower from early-month highs, and the subdued Relative Strength Index (RSI) around 45.1 hints at fading bullish momentum rather than oversold conditions, suggesting sellers retain the initiative while buyers remain cautious.
On the topside, initial resistance is defined by the 20-day EMA at 1.1667, and a daily close above this dynamic barrier would be needed to ease immediate downside pressure and open the way to a more meaningful recovery towards 1.1700. On the downside, the pair could resume its downside journey if it drops below the May 21 low of 1.1576. Key support area will be 1.1500.
