EUR/USD Price Forecast: Euro Looks Strong Above 1.1700
The EUR/USD pair started the new week with a strong move and is now trading close to 1.1770. This happened as traders feel hopeful about a new trade deal between the U.S. and Europe. But many are still careful because of the FOMC meeting starting on Tuesday and important U.S. data coming soon.
On the 4-hour chart, the euro is staying above 1.1700, which is also where the 100-period Simple Moving Average (SMA) is placed. This is a good support level. As long as EUR/USD stays above this, the trend looks positive.
If the euro breaks above 1.1800, it could move up to 1.1830, which is the highest level since September 2021. If the rally continues, the next big level could be 1.1900. These are important resistance zones.
If the price starts to fall, 1.1700, 1.1640, and 1.1600 are key support levels where buyers may step in again. But if the pair drops below 1.1550, it could go down toward 1.1450.
Impact:
EUR/USD could rise more if it crosses 1.1800. If it falls near 1.1640 or 1.1600, it might bounce back. The FOMC meeting might guide the next move.