EUR/USD Forecast: Bears Eye Further Losses Below 1.1900, 38.2% Fibonacci Retracement Level. The EUR/USD pair is attracting fresh sellers after a day of price swings and retesting sub-1.1900 levels during the Asian session. Spot prices have recovered around 25 pips from the daily low, currently trading around 1.1920-1.1925, down 0.35% for the day. The US Dollar (USD) is gaining positive traction, building on its recovery from a four-year low touched earlier this week. The European Central Bank (ECB) has flagged concerns over the Euro's (EUR) rapid appreciation against the USD, adding pressure to the EUR/USD pair. From a technical perspective, intraday weakness below the 100-hour Simple Moving Average (SMA) could trigger EUR/USD bears. Spot prices showed resilience below 1.1900, bouncing off the 38.2% Fibonacci retracement level of the latest leg up from the monthly swing low, touched last week. The Moving Average Convergence Divergence (MACD) line is slipping below the Signal line in negative territory, with a small negative histogram suggesting fading upside momentum. The Relative Strength Index (RSI) is at 42, reinforcing a consolidative tone and caution before deeper EUR/USD losses. The 38.2% Fibonacci retracement at 1.1892 offers initial support, with the 50% retracement at 1.1832 below. A recovery could target the 23.6% retracement at 1.1967, whereas a break under the initial support risks extending the pullback from the 1.2080-1.2085 region, the highest level since June 2021, touched earlier this week. The table below shows the percentage change of the US Dollar (USD) against major currencies today, with the USD strongest against the Australian Dollar. The heat map provides percentage changes of major currencies against each other, with the base currency from the left column and the quote currency from the top row.
