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- EUR/USD softens to near 1.1425 in Friday’s early European session.
- The pair keeps a bearish vibe; downside pressure persists with an oversold RSI.
- The first upside barrier emerges at 1.1450; the initial support level to watch is 1.1411.
The EUR/USD pair trades in negative territory around 1.1425 during the early European trading hours on Friday. The uncertainty surrounding the US-Iran peace deal provides some support to a safe-haven currency such as the US Dollar (USD) and acts as a headwind for the major pair.
Reuters reported on Friday that the Swiss Foreign Ministry announced that US-Iran talks at Bürgenstock will not take place as planned on Friday. US Vice President JD Vance canceled his trip to talks with Iran in Switzerland.
On Thursday, Iran’s Tasnim news agency quoted informed sources as saying that the Iranian delegation’s trip to Switzerland had not been finalized. Meanwhile, Lebanon’s Al Mayadeen TV also quoted sources as saying that, due to the ongoing Israeli attacks in southern Lebanon, the Iranian negotiation team has postponed its trip to Switzerland.
Technical Analysis:
In the daily chart, EUR/USD extends a bearish near-term bias as spot holds below the 20-day Bollinger middle band and well under the 100-day simple moving average. The pair is pressing the lower end of the Bollinger envelope, with price lodged beneath the latest lower band, while the Relative Strength Index (RSI) at 30.6 is edging into oversold territory, hinting that downside pressure persists but could be nearing exhaustion.
On the topside, initial resistance is aligned with the lower Bollinger band at 1.1450, followed by the 20-day Bollinger SMA around 1.1577, where a recovery would start to ease immediate selling pressure. Above that, the 100-day SMA at 1.1665 and the upper Bollinger band near 1.1705 form a broader supply zone that is likely to cap rebounds unless buyers can reclaim it decisively. On the downside, the first contention level is seen at the March 13 low of 1.1411. Any follow-through selling below this level could pave the way to the April 23, 2025 low of 1.1308.
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