EUR/USD is currently testing the support at 1.1010, if it manages to break below that level next week the pair will likely continue descending at least until it reaches target 1.0800.
EUR recorded a slight rise against the USD on Thursday, breaking a series of three consecutive negative sessions. The pair opened at a rate of 1.1093, then reached the lowest level for the day at 1.1080 and the highest level at 1.1180. The euro ended the day at a rate of 1.1111 and if the price went up, the pair will move towards the resistance at 1.1467. Support: 1.1064; 1.0658; 1.0456; Resistance: 1.1467.
On Friday session the EURUSD tried to rally but found yet again enough selling pressure near the 1.1186 Fibonacci level to give all its gains back and closed in the red near the low of the day, creating an outside day pattern. This pattern is considered neutral so indecision may create choppy action in the market.
EUR/USD is currently testing the support at 1.0950. I think it will likely break below that level and continue descending in the following days. Next target is probably 1.0800, but the pair might descend lower than that.
The EUR/USD played it safe above the support level but what i see that we will be more descending if the US data for this week come out with a positive results.
If this week the price depreciation continues it might close at the end of the week at zone 80% 1.0794 ,and even at zone 90% 1.0732 . In the case of a reasonable foundation the pair may be increased to 1.1220. I'd rather play on trend and will set the targets close to those values.Good luck everybody this week!
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