The EUR/USD currency pair seemingly remained reluctant to venture far from the 1.0500 figure for the fifth consecutive day on Friday, even though the ECB decided to cut rates on Thursday, which pushed the pair toward its weekly low of 1.0452. Nevertheless, buyers stepped in and lifted the exchange rate toward the recent level of 1.0498.
EUR/USD Price Forecast: Technical Outlook
The EUR/USD daily chart depicts how the pair hovered near the 1.0500 mark, as it appeared unable to edge lower decisively and retest the year-to-date low at the 1.0331 figure. Even though the pair has been carving a successive series of lower highs, it might be difficult to extend its downtrend in the coming days.Momentum, as measured by the Relative Strength Index (RSI), seemed to suggest that buyers gained steam. If buyers could achieve a daily close above the 1.0500 mark in the coming week, such a move could give them a leg-up.In that outcome, the EUR/USD pair’s key resistance would lie at the Dec. 12 high of 1.0530, followed by the 1.0600 level and last week’s peak of 1.0629.On the other hand, if the EUR/USD pair remains below the 1.0500 mark, the pair could extend its losses, perhaps even past the 1.0452 level. A breach of the latter would expose the Nov. 26 low of 1.0424, followed by the Nov. 22 swing low of 1.0331.
EUR/USD Daily Price Chart – Friday, Dec. 13
Euro Price on Friday
The table provided below shows the percentage change of the euro against other listed currencies as of Friday, Dec. 13, 2024. The euro was the strongest against the Japanese yen.
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