• Euro highs daily highs during Friday’s American session but remains sideways.
  • EUR/USD keeps moving around 1.1850, unable to confirm levels under 1.1800, neither above 1.1900.

The EUR/USD is about to end Friday hovering around 1.1850 posting modest weekly gains but unable to break the current consolidation phase. Recently climbed to 1.1870 hitting a two day high but it failed to make a run higher.

The euro ended the week one a strong not versus the US dollar considering that on Thursday it tested levels under 1.1750. Despite all the action, including the FOMC meeting, EUR/USD keeps moving sideways around the current levels.

“The FOMC meeting this week offered a potential catalyst for fresh momentum in the foreign exchange markets but the outcome of the meeting barely met expectations and hence we see limited scope for any renewed impetus to sell the dollar. That points to this period of consolidation continuing over the short-term”, explained analysts at MUFG Bank. They continue to see the EUR/USD in consolidation mode with the range of 1.1600-1.2000 set to hold over the coming months.

EUR/USD technical outlook

Valeria Bednarik, Chief Analyst at FXStreet points out the weekly chart in EUR/USD continues to develop far above all of its moving averages, with the 20 SMA maintaining its bullish slope above the larger ones. “Technical indicators, in the meantime, stabilized well into positive ground, indicating that there’s no interest on the greenback.” She notes the daily chart retains its neutral stance.

“An immediate support level is 1.1790, followed by 1.1695, August monthly low. However, the greenback remains out of the market favour and a decline towards this last seems unlikely. If it happens, strong buying interest will likely reappear around it. Resistances, on the other hand, come at 1.1915 and 1.2011, this year high”, adds Bednarik.

EUR/USD

Overview
Today last price 1.1856
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.1848
 
Trends
Daily SMA20 1.184
Daily SMA50 1.1745
Daily SMA100 1.1429
Daily SMA200 1.1219
 
Levels
Previous Daily High 1.1852
Previous Daily Low 1.1738
Previous Weekly High 1.1918
Previous Weekly Low 1.1753
Previous Monthly High 1.1966
Previous Monthly Low 1.1696
Daily Fibonacci 38.2% 1.1809
Daily Fibonacci 61.8% 1.1781
Daily Pivot Point S1 1.1773
Daily Pivot Point S2 1.1698
Daily Pivot Point S3 1.1658
Daily Pivot Point R1 1.1888
Daily Pivot Point R2 1.1928
Daily Pivot Point R3 1.2003

 

 

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