EUR/USD prints daily highs above 1.1800, heads for lowest weekly close since October
|- Recovery of the Euro seems limited, still shows vulnerability.
- EUR/USD about to post the fourth weekly slide out of the last five weeks.
The EUR/USD is rising on Friday, trimming some of Thursday’s losses. The pair bounced above 1.1770 and hit levels above 1.1800. It is trading more than 100 pips below the level it had last week.
The US dollar lost momentum after the beginning of the American session amid a pullback in US yields. The 10-year dropped from 1.68% to 1.63% over the last hours. The DXY turned negative, and it trades near the lows at 92.70, down 0.15%.
Economic data from the US came in mixed on Friday. With personal income falling more than 7% in February as expected, a decline of 1% in spending and a better-than-expected reading in the Michigan Consumer Sentiment Index with a rise from 83 to 84.9.
From a weekly perspective, the EUR/USD is about to post the lowest close since October. The differential in growth expectations between the Eurozone and the US weighs on the euro. The ongoing decline in Treasuries is also another factor supporting the rally of the US dollar.
The technical outlook is also favorable to the downside for the moment, with EUR/USD holding below the 200-day moving average at 1.1855. A recovery above 1.1850 would alleviate the bearish pressure.
Technical levels
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