EUR/USD: little changed ahead of Wall Street's opening

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1740

The EUR/USD pair trades stable around 1.1740, unable to find a certain direction this Friday. The pair has been quite volatile this week, as negative headlines kept hitting both currencies, and while it faltered once again around 1.1800, and established a fresh 3-week low of 1.1661, the downward potential remains well-limited by the absence of dollar's demand. As said on a previous update, the market is not ready to buy back the greenback, on increasing distrust over Trump's ability to actually do something towards boosting growth. In the meantime, risk aversion leads the way this Friday amid a scarce calendar, with the only relevant release ahead being the preliminary August Consumer Sentiment index, expected at 94.0 from previous 93.4.

The pair maintains a neutral short-term stance early US session, trading below its 100 SMA and around a 20 SMA in the 4 hours chart, yet both moving averages lack clear directional strength. In the same chart, technical indicators hover around their mid-lines, lacking directional strength. A bearish extension could be seen on a break below 1.1690, while a break above 1.1820 should favor additional gains for today, but limited to the 1.1860 price zone.

Support levels: 1.1690 1.1660 1.1620

Resistance levels: 1.1770 1.1820 11860

View Live Chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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