- EUR/USD falls sharply to the 1.0510 area on Friday.
- Further weakness could lead to the 2022 low.
EUR/USD extends Thursday’s low and hits new multi-week lows near 1.0510 by the end of the week.
The pair’s inability to break above the four-month resistance line near 1.0730, the lack of surprises from the ECB and the US CPI for May were too much for the European currency.
Against that, the continuation of the pullback could open the door for a likely visit to the 2022 low near 1.0350 (13 May).
In the longer term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day simple moving average at 1.1202.
EUR/USD day chart
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.
