EUR/USD eases from tops, around 1.1660

The pair gained ground lost following Trump’s comments.
The greenback retreats from 2018 highs, keeps 95.00 so far.
US President Trump said he prefers a weaker USD.

Pablo Piovano FXStreet

After hitting weekly lows at 1.1575 on Thursday, EUR/USD managed to grab some attention and retake the 1.1600 handle and above.

EUR/USD looks to USD-dynamics

The pair alternates gains with losses ahead of the European opening at the end of the week, retreating from tops in the 1.1680 area and seeing some extra volatility following comments by President Trump.

In fact, in an interview with CNBC on Thursday, Trump favoured a weaker greenback while he criticized the Fed’s tightening policy, showing concerns that higher rates could have a negative impact on the economy and hurt competitiveness.

However, the current weakness around the buck could well be temporary as USD keeps a considerable carry advantage.

Nothing worth mentioning in the calendar today, leaving the USD-dynamics as the main driver of the market sentiment ahead in the day.

EUR/USD levels to watch

At the moment, the pair is gaining 0.10% at 1.1655 facing the next hurdle at 1.1678 (high Jul.19) followed by 1.1718 (monthly low Dec.12 2017) and finally 1.1746 (high Jul.17). On the downside, a breakdown of 1.1575 (low Jul.19) would open the door to 1.1527 (low Jun.29) and then 1.1508 (2018 low May 30).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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