EUR/USD Price Forecast: Rises toward 1.1350 after finding support at near nine-day EMA

• EUR/USD could look to reclaim the ascending channel and retest the 1.1573 level -- its highest since November 2021.
• Daily chart analysis points to a weakening bullish bias following a break below the ascending channel.
• A drop beneath the nine-day EMA at 1.1326 may pave the way for a deeper pullback toward the 50-day EMA support near 1.0944.

EUR/USD pauses its two-day decline, hovering near 1.1340 during Thursday's Asian session. Daily chart technical analysis indicates a weakening bullish bias, as the pair has slipped below the ascending channel pattern.

Additionally, the EUR/USD pair continues to trade just above the nine-day Exponential Moving Average (EMA), indicating firm short-term bullish momentum. The 14-day Relative Strength Index (RSI) also stays above the 50 level, reinforcing the sustained bullish bias.

On the upside, the EUR/USD pair may attempt to re-enter the ascending channel and retest the April 21 high of 1.1573 -- its strongest level since November 2021. A successful return to the channel could restore bullish momentum and potentially drive the pair toward the channel's upper boundary near the 1.1930 mark.

The pair is testing key support at the nine-day EMA near 1.1326. A break below this level could erode the bullish bias and open the door for a move toward the 50-day EMA around 1.0944. Further downside pressure may weaken medium-term momentum, potentially extending the decline toward the six-week low of 1.0360, last seen on February 28.

EUR/USD: Daily Chart