EUR/USD heads for the highest close in months, eyes 1.1200

EUR/USD has the best week since October but remains below December intraday highs.
US dollar is among the biggest losers in a shortened week.

Matías Salord FXStreet

The EUR/USD continued to rise during Friday’s American session and printed a fresh two-week high at 1.1187. As of writing, it trades at 1.1180/82, consolidating significant daily gains. From the level it had a week ago, the pair is up a hundred pips, on its way to the highest weekly close since August.

The key driver in EUR/USD has been a weaker US dollar. The rally across financial markets during the Christmas week weighed on the greenback. The DXY lost 0.60% on Friday and posted the worst weekly results since mid-October. It was about to end the week under 97.00.

Test of 1.1200 seems likely

The euro is ending the week with bullish signals, so a test of the 1.1200 zone over the next sessions seems likely. The mentioned level capped the upside during December and is also where the 55-week simple moving average stands, so a consolidation above could point to more gains.

Is the current bullish strength enough for a break above 1.1200? At the moment, it appears to be a story more related to the US dollar’s weakness. The last time the euro traded comfortably above 1.1200 was back in July.

A failure at current levels would favor a correction, that could intensify if EUR/USD drops below 1.1095 (20-day moving average).

More levels

EUR/USD

Overview
Today last price	1.1183
Today Daily Change	0.0080
Today Daily Change %	0.72
Today daily open	1.1103

Trends
Daily SMA20	1.1099
Daily SMA50	1.1085
Daily SMA100	1.1062
Daily SMA200	1.1145

Levels
Previous Daily High	1.1111
Previous Daily Low	1.1082
Previous Weekly High	1.1176
Previous Weekly Low	1.1066
Previous Monthly High	1.1176
Previous Monthly Low	1.0981
Daily Fibonacci 38.2%	1.1099
Daily Fibonacci 61.8%	1.1093
Daily Pivot Point S1	1.1086
Daily Pivot Point S2	1.1069
Daily Pivot Point S3	1.1057
Daily Pivot Point R1	1.1115
Daily Pivot Point R2	1.1127
Daily Pivot Point R3	1.1144

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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