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: 2025.06.02
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EUR/USD Price Forecast: Next upside barrier emerges near 1.1450
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EUR/USD Price Forecast: Next upside barrier emerges near 1.1450
New
2025.06.02 14:54
2025.06.02 14:54
2025.06.02 14:54
- EUR/USD gains ground to near 1.1370 in Monday's early European session, up 0.25% on the day.
- The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
- The first upside barrier is seen at 1.1445; the initial support level is located at 1.1283.
The EUR/USD pair attracts some buyers to around 1.1370 during the early European session on Monday. The US Dollar (USD) weakens against the Euro (EUR) amid the renewed trade war tensions. US President Donald Trump said on Friday that he planned to double import tariffs on steel and aluminum to build up pressure on global steel producers and intensify the trade war.
According to the daily chart, the bullish outlook of EUR/USD remains intact, characterized by the price holding above the key 100-day Exponential Moving Average (EMA). The upward momentum is supported by the 14-day Relative Strength Index (RSI), which stands above the midline near 57.25, suggesting the path of least resistance is to the upside.
The immediate resistance level emerges at 1.1445, the upper boundary of the Bollinger Band. Further north, the next hurdle is located at 1.1574, the high of April 21, followed by the 1.1600 psychological mark.
The low of May 28 at 1.1283 acts as an initial support level for a major pair. The next downside target to watch is 1.1110, the lower limit of the Bollinger Band. A breach of this level could see a drop to the key contention level at 1.1000, representing the round figure and the 100-day EMA.
EUR/USD daily chart
Euro FAQs
The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB's primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates - or the expectation of higher rates - will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB's 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone's economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
EUR/USD daily chart
Last updated
: 2025.06.02
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