- The euro looks weak throughout the market on Friday.
- The dollar presents mixed results before important data.
- EUR/USD reverses intraday direction after hitting one-month highs.
The EUR/USD lost more than 50 pips in the last hours and erased the gains of the day. The euro had climbed to 1.0765, the highest level since April 25, and then fell below 1.0700. US data coming soon.
Not firming above 1.0700, but consolidating weekly gains
At time of writing, EUR/USD is trading at 1.0698, the daily low. The short-term trend remains bullish. Despite the setbacks that follow the rises, the euro marks minimum and maximum ascending.
Key very short-term supports in the coming hours are seen at 1.0690 and then 1.0640. A drop below the latter would leave EUR/USD vulnerable to further losses. In the opposite direction, orn firm return above 1.0755 would support the euro to go towards 1.0800.
The economic calendar shows the US personal income and spending report for April as the most important, which includes the much-followed core price index of personal consumption expenditure. Later, the University of Michigan will release the Consumer Confidence Index (final reading, prior at 59.1). Monday is a US holiday.
Economic data could be more important on Friday in the absence of impact news. Ahead of the release, the euro is seen weakening and falling on almost all fronts. The dollar, for its part, although it advances against the euro, falls against the currencies linked to commodities and the emerging ones.
Technical levels
Source: Fx Street
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