EUR/USD confined in a narrow trading band near weekly tops

Haresh Menghani FXStreet

The EUR/USD pair consolidated its sharp recovery move from Wednesday's multi-week lows and was confined in a 15-20 pips narrow band around multi-day tops near 1.0670-75 band.

Despite of the recent upbeat US economic data, including a trio on Thursday, and growing prospects for an eventual Fed rate-hike action, the greenback has struggled to gain any fresh traction as investors remained cautious and awaited more details on the US President Donald Trump's 'phenomenal' tax plans.

The US economic data released on Thursday showed weekly jobless claims rose less-than-expected while the Philly Fed manufacturing index soared to its highest level since 1984. Furthermore, building permits and housing starts readings also surpassed consensus estimates but could only provide a temporary respite for the US Dollar.

With no relevant fundamental triggers, in-terms of major market moving economic releases, the US Dollar price dynamics would remain an exclusive driver of the pair’s movement on Friday.

Technical levels to watch

From current levels, a follow through up-move is likely to confront resistance near 1.0700 round figure mark above which the momentum could get extended towards 1.0725-30 region ahead of 1.0755-60 strong hurdle.

On the flip side, 1.0655-50 area is likely to protect immediate downside, which if broken could accelerate the slide towards 1.0625 intermediate support before the pair eventually breaks below 1.0600 handle and head towards testing 1.0570 strong horizontal support.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0597

21% Bullish
57% Bearish
21% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0604

43% Bullish
57% Bearish
0% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0369

13% Bullish
74% Bearish
13% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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