- EUR / USD registers modest rise after four days of declines.
- The dollar weakens momentarily, unaffected by better-than-expected data from the US.
EUR / USD is rising modestly on Friday, serving to cut a four-day streak with declines. It recently rose to 1.1704, marking a new high for the day but then cut profits and is trading at 1.1685, about fifteen pips above Thursday’s close.
The EUR / USD jump to the high of the day came as the dollar generally weakened as the futures of the main Wall Street indices rose. The US data that was released (personal income and spending) showed better than expected figures but without having an impact on the greenback.
The DXY It is in negative territory but moving away from the lows of the day and again aiming to return to 94.00, validating important weekly gains, supported by risk aversion.
From a technical point of view, the EUR / USD is still under some downward pressure, although in intraday terms it has a negative toneutral. The decline has found support at the 100 SMA which is past the 1.1650 area. A close below would expose the zone of September lows at 1.1610. In the opposite direction, at 1.1705 is the first resistance and above it the strongest zone of 1.1770 appears where the 20-day moving average is.
Credits: Forex Street
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