- Euro has the most important daily rise against the dollar since the beginning of August.
- EUR / USD clears losses for the week and reaches the 1.1760 area.
The EUR / USD finally broke above 1.1750 and climbed to 1.1762, reaching the highest level since Monday. The euro remains close to the highs, with the bullish tone intact, supported by the weakness of the dollar throughout the market.
The greenback is retreating at a modest rate in the market, although it accelerated the downward movement in the last hour. The DXY loses 0.18% and is at 92.83, barely positive for the week. The corrective tone of the dollar remains in place. Thursday’s inflation and employment data weren’t enough to put the currency back on the bullish trajectory. Friday’s data will be that of consumer confidence (preliminary for August) prepared by the University of Michigan.
The euro is being one of the best performers on Friday in the group of the G10. It is trading weekly highs against the pound and the Swiss franc unchanged, holding on to significant weekly gains.
Next resistance at 1.1765
The 1.1750 break gave strength to EUR / USD, which could now face next resistance at the 1.1765 zone. The break would give the euro more support to around 1.1800.
In the opposite direction, now 1.1745 / 50 can become the first support, followed by 1.1725. Below the latter will be exposed the weekly minimum, and the critical zone of 1.1700.
Technical levels
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