Asian markets posted gains, in Europe equities are mixed while Wall Street futures point to a negative opening with small numbers, far from the figures of Monday. Volatility eased but it could return any moment. The next round of economic data includes the US income and spending report, while traders will also listen to key speakers at the Jackson Hole Symposium.
The EUR/USD pair is rising modestly on Friday, still headed toward a weekly loss, unthinkable on Monday when it was trading above 1.17000. It was a very volatile week for EUR/USD. After surging and then plummeting, it appears to be stabilizing.
Greenback lost strength after reaching 1.1200 during Thursday’s American session. Now the pair is holding a slightly bullish bias, with price above the hourly 20-SMA the stands around 1.1250/55; if it drops below, another test of 1.1200 seems likely.
The upside remains limited by 1.1300 today. If it breaks higher it could extend the rally to 1.1360/70. Around 1.1400/10 is where the key resistance is seen, likely to stop the upside on Friday; a consolidation on top would bring strength to the euro and support for further gains.
On a wider perspective, the decline from 1.1700 so far found support at 1.1200. The area located between 1.1150 and 1.1200 is an important and a strong zone. In the mentioned zone we could see an uptrend line and the daily 20-SMA. If the pair falls below and post an important close under, more slides are likely with a possible target around 1.1000.
The EUR/USD pair is rising modestly on Friday, still headed toward a weekly loss, unthinkable on Monday when it was trading above 1.17000. It was a very volatile week for EUR/USD. After surging and then plummeting, it appears to be stabilizing.
Greenback lost strength after reaching 1.1200 during Thursday’s American session. Now the pair is holding a slightly bullish bias, with price above the hourly 20-SMA the stands around 1.1250/55; if it drops below, another test of 1.1200 seems likely.
The upside remains limited by 1.1300 today. If it breaks higher it could extend the rally to 1.1360/70. Around 1.1400/10 is where the key resistance is seen, likely to stop the upside on Friday; a consolidation on top would bring strength to the euro and support for further gains.
On a wider perspective, the decline from 1.1700 so far found support at 1.1200. The area located between 1.1150 and 1.1200 is an important and a strong zone. In the mentioned zone we could see an uptrend line and the daily 20-SMA. If the pair falls below and post an important close under, more slides are likely with a possible target around 1.1000.
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