- July 17, 2026
- Posted by: EWGFX
- Category: news
The Euro (EUR) records mild losses against the US Dollar (USD) for the second consecutive day on Friday. The EUR/USD pair trades at 1,1430 after being capped at 1.1480 earlier this week, extending the sideways trend, as geopolitical tensions and higher oil prices keep Euro rallies subdued.
Hostilities in Iran escalated this week, with the US military killing eight people after attacking civilian targets in Bandar Abbas on Friday, while Tehran threatened to close the Bab el-Mandeb strait, another key corridor for gas and oil traffic.
The deteriorating situation in the Middle East has pushed oil prices higher this week. The barrel of Brent Crude is set to close the week near $85.00, about 18% above early June lows. This has offset the positive impact on the Euro of the soft US inflation data and lowered hopes of Federal Reserve (Fed) tightening.
The technical picture is little changed this week. EUR/USD keeps trading within a roughly 100-pip range, with momentum indicators on intraday charts showing a lack of clear bias. The 4-hour Relative Strength Index (14) is wavering near the 50 midline, and the Moving Average Convergence Divergence (MACD) slips fractionally negative, together hinting at subdued momentum.
On the topside, initial resistance emerges in the area between the mentioned range top, near 1.1480, and a previous support at the 1.1500 area (June 8 and 11 lows). A break above these levels would encourage bulls to target the June 16 and 17 highs, near 1.1620.
On the downside, immediate support is seen at the July range floor, between 1.1360 and 1.1380, which, so far, is closing the path towards the year-to-date low, at 1.1324. Further down, bears might be attracted by the late-May 2025 low, at 1.1210.