EUR/USD: holding on to gains, upside favored
|EUR/USD Current price: 1.1641
The EUR/USD pair extended its advance up to 1.1676 at the beginning of the day, but has spent most of this Friday consolidating in a tight range nearby, amid the absence of macroeconomic news coming from the EU or the US. Nevertheless, the pair held above its 2016 high of 1.1615, with approaches to the level finding short-term buying interest. The sour tone in equities is keeping the EUR afloat, but with demand for the common currency limited amid increasing risk aversion.
Despite the upside momentum eased, the pair retains the positive bias seen on previous updates, with scope to extend its gains beyond 1.1700 on a break above the mentioned daily high. Technical readings in the 4 hours chart support the advance, given that moving averages maintain their upward slopes well below the current level, with the 20 SMA being the closest one, now around 1.1570, and technical indicators with no clear directional strength, but within overbought territory.
Support levels: 1.1615 1.1570 1.1530
Resistance levels 1.1680 1.1715 1.1745
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