The EUR/USD pair has shown little signs of life so far this Friday, extending its range-bound trading around the 1.1200 figure. With negotiations between Greece and its creditors delayed into the weekend, investors are leaving aside the common currency ahead of some definitions regarding the future of the Euro Union. There's little relevant data ahead, with only the US Michigan confidence index, being able to imprint some life to the market.
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In the meantime, the technical picture remains neutral as the 4 hours chart shows that the price hovers around its 20 SMA, whilst the Momentum indicator lies flat around the 100 level. In the same chart, the RSI indicator aims slightly higher in negative territory, lacking enough directional strength.
The 1.1160/80 price zone has attracted buying interest for most of this week, which means only a clear break below it could see the pair extending its decline down to 1.1120, a strong static support level. To the upside, 1.1245 is the resistance to watch, as it will take a recovery above it to see an upward extension towards the 1.1300 region.
Latest updates on the EUR/USD Forecast
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