• Sharp decline in UoM Consumer Sentiment triggers USD sell-off.
  • EUR/USD testing 1.1800, heads for weekly gains.
  • US dollar about to end week under pressure, US yields fall sharply.

The EUR/USD rose further and printed a fresh weekly high at 1.1800. The pair is hovering around the highs, with the bullish tone in place, as the US dollar remains under pressure across the board.

The greenback was falling on Friday, and after the University of Michigan Consumer Sentiment report, it accelerated to the downside. The index tumbled unexpectedly to 70.2, the lowest level since 2011. US bond yields tumbled, and the DXY dropped toward 92.50.

The EUR/USD is rising 70 pips on Friday, the best performance in months. The euro is also higher versus the pound, but it pulled back against the Swiss franc.

Technical outlook

Technical readings in the daily chart show that sellers retain control, according to Valeria Bednarik, Chief Analyst at FXStreet. “A bearish 20 SMA provides dynamic resistance at around 1.1800 while developing well below the longer ones, which lack directional strength. Meanwhile, the Momentum indicator stands pat below its midline, while the RSI recovers from oversold readings, currently around 45.”

Bednarik warns that a break below the 1.1700 level should trigger a downward extension toward the 1.1600/40 area, “while further declines should expose the 1.1520 level.” On the upside, she mentions that above 1.1800, the next resistance levels come at 1.1840 and 1.1920, with approaches to the latter probably attracting selling interest.

Technical levels


Today last price 1.1797
Today Daily Change 0.0067
Today Daily Change % 0.57
Today daily open 1.173
Daily SMA20 1.1802
Daily SMA50 1.1891
Daily SMA100 1.1962
Daily SMA200 1.2011
Previous Daily High 1.1748
Previous Daily Low 1.1724
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1733
Daily Fibonacci 61.8% 1.1739
Daily Pivot Point S1 1.172
Daily Pivot Point S2 1.1709
Daily Pivot Point S3 1.1695
Daily Pivot Point R1 1.1744
Daily Pivot Point R2 1.1759
Daily Pivot Point R3 1.1769



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