EUR/USD Price Forecast: Eyes 1.1900 support near ascending channel's lower boundary

• EUR/USD may find its immediate barrier at the six-week high of 1.1789.
• The bullish bias prevails as the 14-day Relative Strength Index holds above the 50 mark.
• The initial support appears at the ascending channel's lower boundary around 1.1690.

EUR/USD inches lower after registering around 0.5% gains in the previous session, trading around 1.1910 during the Asian hours on Monday. On the daily chart, technical analysis indicates a strengthening of a bullish bias, as the pair continues to trade within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) is positioned above the 50 level, strengthening the bullish outlook. Additionally, the EUR/USD pair remains above the nine-day Exponential Moving Average (EMA), indicating that short-term price momentum is stronger.

On the upside, the EUR/USD pair could target the six-week high of 1.1789, reached on July 24, followed by the 1.1830, the highest since September 2021. Further advances will support the currency pair to test the upper boundary of the ascending channel around 1.1870.

The EUR/USD pair could find its primary support at the ascending channel's lower boundary around 1.1690, followed by the nine-day EMA at 1.1666. A break below this crucial support zone would weaken the short-term price momentum and put downward pressure on the pair to test the 50-day EMA at 1.1585. Further declines would prompt the pair to navigate the area around the two-month low at 1.1391, which was recorded on August 1.

EUR/USD: Daily Chart