The EUR/USD pair is rising modestly on Friday, still headed toward a weekly loss, unthinkable on Monday when it was trading above 1.17000. It was a very volatile week for EUR/USD. After surging and then plummeting, it appears to be stabilizing.
Greenback lost strength after reaching 1.1200 during Thursday’s American session. Now the pair is holding a slightly bullish bias, with price above the hourly 20-SMA the stands around 1.1250/55; if it drops below, another test of 1.1200 seems likely.
The upside remains limited by 1.1300 today. If it breaks higher it could extend the rally to 1.1360/70. Around 1.1400/10 is where the key resistance is seen, likely to stop the upside on Friday; a consolidation on top would bring strength to the euro and support for further gains.
On a wider perspective, the decline from 1.1700 so far found support at 1.1200. The area located between 1.1150 and 1.1200 is an important and a strong zone. In the mentioned zone we could see an uptrend line and the daily 20-SMA. If the pair falls below and post an important close under, more slides are likely with a possible target around 1.1000.
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