EUR/USD fades new 2018 lows amid USD profit-taking
|- EUR/USD posts a new 2018 low at 1.1749 this Friday.
- Next week will see the European Central Bank (ECB) Monetary Policy Meeting Accounts on Thursday at 11:30 GMT.
- The USD is having a small pullback on the back of some profit-taking as the week comes to an end.
The EUR/USD pair is trading at around 1.1782 down 0.1% on Friday.
EUR/USD found a ceiling at 1.1822 in the European session and then fell more than 70 pips to find an intraday low at 1.1749 in the American session. The pair has now bounced and is trading in the 1.1780 region about an hour after the London close.
EUR/USD posted on Friday yet again a new 2018 low at 1.1749 as the greenback continues its relentless bull trend. The three main US indices, the S&P 500, the Dow Jones Industrial Average and the Nasdaq are on the backfoot and investors keep buying USD as it is seen as a safer investment. However at the time of writing, the USD is having a small pullback on the back of some profit-taking as the week comes to an end.
In fact, The Federal Reserve Bank is expected to raise interest rates three to four times in 2018 supporting the trend in USD and in the 10-year Treasury yield benchmark.
Looking ahead, next week will see the European Central Bank (ECB) Monetary Policy Meeting Accounts on Thursday at 11:30 GMT.
EUR/USD 4-hour chart
The trend is bearish and supports are seen at the and 1.1700 figure while resistances are seen at the 1.1800 and 1.1850 psychological levels. EUR/USD is trading below its 50, 100 and 200-period simple moving average on the 4-hour time-frame suggesting a strong bear trend.
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.