EUR/USD falls through 1.1000

Ani Salama FXStreet

EUR/USD edged lower on Friday, but overall continues to trade within its recent range around the 1.10 mark, unable to set fresh near-term direction.

EUR/USD came under mild pressure during the New York session and dropped through the 1.10 level to hit a low of 1.0994 in recent dealings. At time of writing, the pair is trading at 1.0999, down 0.23% on the day.

On Thursday, the ECB said they will like to see more information before deciding on new measures as the euro area markets are responding with “encouraging resilience” to the Brexit. After the volatile reaction to ECB decision, the pair entered a quieter phase, but is facing some pressure ahead of the weekend.

Upbeat US data supported the greenback, with the Markit manufacturing PMI out at 52.9 in July, above the 51.6 expected.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find next supports at 1.0979/70 (Jun 27 &Jul 21 lows), 1.0911 (post-Brexit low, Jun 24) and 1.0821 (Mar 10 low). On the other hand, resistances are seen at 1.1049 (10-day SMA), 1.1082 (200-day SMA), 1.1164 (Jul 14 high) and then 1.1185 (Jul 5 high).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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