EUR/USD recovers on Friday, still heads for lowest weekly close since June 2017

Euro rebounds further against US dollar during Friday’s American session.
EUR/USD supported by a correction of the greenback and a rally in EUR/GBP.

Matías Salord FXStreet

The EUR/USD pair printed fresh daily highs on Friday at 1.1245 and near the end of the session was hovering around 1.1240, posting a daily gain of 50 pips.

The euro rebounded on Friday from the 20-month lows it reached on Thursday following the ECB meeting. Analysts at Danske Bank explained that in light of the very soft message, it “nosedived from just above the 1.13 mark to below 1.12. Near term, we expect EUR/USD to remain below the 1.12 mark. With the risk of pockets of USD strength from renewed pricing of Fed hikes and a trade deal that will not provide much imminent support, this opens the possibility for a EUR/USD move towards 1.10 on a 3M horizon.”

On Friday, data showed that the US economy added 20K significantly below the 180K expected, the unemployment rate fell to 3.8% and hourly wages rose 0.4% in February posting the biggest annual gain in nearly a decade. The greenback weakened after the report but then the pressure eased.

EUR/USD moved all day with a bullish bias. The euro also received support from the rally in EUR/GBP that climbed to 0.8650 ahead of a crucial week for the Brexit drama.

The recovery on Friday trimmed Thursday’s losses, still EUR/USD is about to end the week more than a hundred pips below the level it had a week ago. The move higher was on the back of a higher US dollar boosted by risk aversion.

Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1241
    Today Daily change: 0.0059 pips
    Today Daily change %: 0.53%
    Today Daily Open: 1.1182
Trends:
    Daily SMA20: 1.1323
    Daily SMA50: 1.1382
    Daily SMA100: 1.1378
    Daily SMA200: 1.1501
Levels:
    Previous Daily High: 1.1322
    Previous Daily Low: 1.1176
    Previous Weekly High: 1.1422
    Previous Weekly Low: 1.1328
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.1232
    Daily Fibonacci 61.8%: 1.1266
    Daily Pivot Point S1: 1.1131
    Daily Pivot Point S2: 1.1081
    Daily Pivot Point S3: 1.0986
    Daily Pivot Point R1: 1.1277
    Daily Pivot Point R2: 1.1372
    Daily Pivot Point R3: 1.1422

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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