EUR/USD price forecast: Bulls eye further gains above 1.1670 breakout
The post EUR/USD price forecast: Bulls eye further gains above 1.1670 breakout appeared on BitcoinEthereumNews.com.
The EUR/USD pair struggles to capitalize on its weekly gains registered over the past four days and trades with a mild negative bias below the 1.1700 mark during the Asian session on Friday. The downside, however, remains cushioned amid the lack of any meaningful US Dollar (USD) buying and ahead of the US consumer inflation figures, due later today. In the meantime, tensions around the Strait of Hormuz offer some support to Crude Oil prices, fueling inflationary concerns and bolstering hawkish US Federal Reserve (Fed) expectations. This, in turn, is seen acting as a tailwind for the safe-haven USD and undermining the EUR/USD pair. However, hopes of Iran ceasefire stabilizing hold back the USD bulls from placing aggressive bets ahead of the crucial US Consumer Price Index (CPI) and offer some support to the currency pair. From a technical perspective, the overnight breakout through the 1.1670 confluence – comprising the 200-day Simple Moving Average (SMA) and the 38.2% Fibonacci retracement level of the January-March slide– favors the EUR/USD bulls. Moreover, momentum indicators underpin the constructive tone, with the Relative Strength Index (RSI) hovering near 58, while staying short of overbought conditions, and the Moving Average Convergence Divergence (MACD) in positive territory. Meanwhile, initial resistance emerges at the 50.0% retracement around 1.1742, followed by the 61.8% Fibo. level at 1.1820, with further barriers at 1.1931 and the prior swing high region near 1.2072. On the downside, immediate support is located at the 200-day SMA at 1.1672 and the nearby 38.2% Fibo. retracement level at 1.1665, while deeper pullbacks would look toward the 23.6% level at 1.1568 and the March monthly swing low, just ahead of the 1.1400 round-figure mark. (The technical analysis of this story was written with the help of an AI tool.) EUR/USD daily chart Economic Indicator Consumer Price…
Filed under: News - @ April 10, 2026 5:30 am