EUR/USD rises further on USD weakness, hits fresh highs above 1.1630

Mixed US data offers no support to the DXT that drops further.
EUR/USD heads for strongest weekly close since September 2018.

Matías Salord FXStreet

The EUR/USD pair broke to the upside after moving during hours in a range between 1.1625 and 1.1585 and hit 1.1637, the highest since late 2018. The greenback failed to hold onto to marginal gains and resumed the decline, boosting the pair.

The US Dollar Index (DXY) found resistance at 94.80 and turned to the downside. It recently dropped to 94.40, hitting the lowest intraday level since September 2018. Dollar’s weakness remains in place, with the currency unable to stabilize.

The key driver behind the rally in EUR/USD on Friday is basically the dollar. Despite reaching new cycle highs versus the dollar, the euro is falling against the pound and the Swiss franc, modestly.

Economic data from the US came in mixed offering no support to the greenback. While the PMI Markit rebounded further but below expectations, housing data (New Home Sales) soared in June.

Another positive week

The EUR/USD pair is consolidating strong weekly gains, more than two hundred pips. It is the fifth weekly gain in a row for the euro and the highest close since September 2018.

From a technical perspective, the key development in the weekly chart is the close above 1.1450/70. The next barrier emerges at 1.1750.

EUR/USD weekly chart

EUR/USD

Overview
Today last price	1.1631
Today Daily Change	0.0035
Today Daily Change %	0.30
Today daily open	1.1596

Trends
Daily SMA20	1.1352
Daily SMA50	1.1231
Daily SMA100	1.1079
Daily SMA200	1.107

Levels
Previous Daily High	1.1627
Previous Daily Low	1.154
Previous Weekly High	1.1452
Previous Weekly Low	1.13
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1594
Daily Fibonacci 61.8%	1.1574
Daily Pivot Point S1	1.1549
Daily Pivot Point S2	1.1502
Daily Pivot Point S3	1.1462
Daily Pivot Point R1	1.1635
Daily Pivot Point R2	1.1674
Daily Pivot Point R3	1.1722

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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