EUR/USD Analysis: approaches 1.07 mark
|“Improving labor markets are key if eurozone consumers are to make a solid contribution to growth over the coming months, especially as gradually rising inflation is likely to eat into purchasing power.”
– Howard Archer, HIS Global Insight (based on Bloomberg)
-
Pair’s Outlook
The common European currency surged against the Greenback on Friday morning, as it was on its way to the resistance put up by the January low level at 1.0709. Previously, during Thursday’s trading session the rate found support in a cluster of simple moving averages and the weekly PP at 1.0589. After that the rate jumped just slightly above the weekly R1 at 1.0659, from where the Friday’s session began. Moreover, during the move the established descending channel patter was broken. That means the rate has actually reversed and is poised to continue the surge. -
Traders’ Sentiment
SWFX traders remain slightly bullish on Friday, as 53% of open positions were long on Friday. Meanwhile, 61% of trader pending commands were set up to sell the Euro.
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.