- EUR/USD regains composure and breaks above parity level.
- Further consolidation seems favored at the moment.
The EUR/USD fades part of Thursday’s strong selloff and manages to recover area above key parity level by week’s end.
Further consolidation seems the most likely scenario in EUR/USD at least in the short term, always within the 1.0100-0.9900 range and before the key ECB and FOMC events at the end of the month.
Breaking above weekly high at 1.0090 (Aug 26) could trigger further gains to 1.0202 (Aug 17 high). Alternatively, the 0.9900 level is expected to maintain bearish momentum for now.
In the long term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day SMA at 1.0794.
EUR/USD daily chart
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
