EUR/USD Analysis Summary Today
Overall Trend: Bearish.
Support Levels for EUR/USD Today: 1.1360 – 1.1290 – 1.1200
Resistance Levels for EUR/USD Today: 1.1360 – 1.1290 – 1.1200
EUR/USD Trading Signals:
Buy scenario: From the support level of 1.1330 with a target of 1.1500 and a stop-loss at 1.1270
Sell scenario: From the resistance level of 1.1460 with a target of 1.1300 and a stop-loss at 1.1500
Technical Analysis of EUR/USD Today
The EUR/USD pair continued its decline during today's trading, with losses extending to the support level of 1.1360—the lowest for the currency pair since January 2025. This comes as selling pressures continue to dominate the short term, with prices moving within a clear bearish channel that reflects the sellers' upper hand over market price action.
In the near term, and according to the performance on the hourly chart, the EUR/USD pair is moving within a downward price channel, which confirms the continuation of the negative trend in the short term. The Relative Strength Index (RSI-14) supports this scenario as it settles near oversold territories, reflecting that momentum remains in favor of the sellers despite the possibility of limited technical rebounds.
Consequently, the pair could target the next support levels at 1.1320 and then 1.1260 if the current downward trend continues. However, if corrective buying emerges, prices may encounter initial resistance at 1.1435, followed by 1.1480.
In the medium term, the technical picture still leans toward the negative side, as the EUR/USD price moves within a bearish channel on the daily chart. Meanwhile, the 14-day Relative Strength Index is approaching oversold areas, signaling continued negative pressures despite the potential for increased volatility during the upcoming sessions.
Therefore, if the sellers succeed in maintaining control. The pair may head toward testing the 1.1160 support as a first target, before heading to the more critical support level at 1.0950. On the flip side, any bullish rebound could push prices to test the 1.1600 resistance, followed by the next pivotal level at 1.1800.
Overall, the technical outlook for the EUR/USD pair remains negative as long as trading remains within the current descending channel. Selling pressure is expected to continue, targeting new support levels, while buyers need to break through key resistance levels to reverse the prevailing downtrend.
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According to fundamental analysis, the EUR/USD pair is trading under the influence of recent economic data results. On the American side, the S&P Global Manufacturing PMI for June exceeded expectations of 54.8, recording 55.7, up from the previous update of 55.1.
The S&P Global Services PMI for the same period rose to 51.3, up from 50.7, beating expectations of 51, while the preliminary S&P Global Flash US Composite PMI for the month rose slightly to 52.2, up from 51.5 in May. Traders are awaiting the US Durable Goods Orders data for May on Thursday, alongside the Q1 GDP data.
From the European Union, Germany's HCOB Flash Composite PMI for June came in below expectations of 49.9, registering 48. The Flash Services PMI for the same period also missed expectations of 48.7, coming in at 46.8, while the Flash Manufacturing PMI met expectations of 50. In contrast, the Eurozone HCOB Flash Composite PMI came in better than expected, registering 49.5 against expectations of 49.1. The Flash Manufacturing PMI for the same period also beat expectations of 51.2, recording 51.3, while the Flash Services PMI exceeded estimates of 51, coming in at 51.3.
Trading Advice:
Bullish rebounds are still considered potential opportunities to rebuild short positions as long as prices stabilize below key resistance levels. It is essential to remain committed to strict capital management in anticipation of higher volatility tied to upcoming US and European economic data.
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