EUR / USD weakened near daily lows above 1.1850

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  • EUR / USD is scheduled to end a bit weaker on Friday, but practically in the area where the week started.
  • EUR / USD has respected its 1.1815-1.1890 range so far very well, reflecting a lack of broader direction in the market this week.

The EUR/USD it’s set to end the week pretty much where it started, within 10 pips at 1.1850. On the day, the pair is around it lost around 15 pips or 0.1%, and has encountered significant selling pressure ahead of weekly highs around 1.1890. Recent trade has become characteristically thin as the weekend approaches.

EUR / USD breaks out in the middle of its weekly range

EUR / USD is ending the week right in the middle of its range this week. Therefore, the most significant upside resistance comes in the form of weekly highs around 1.1890, while the most significant support is found at weekly lows around 1.1815. A breakout in either direction next week (or weeks to come) will be indicative of a continuation of the USD weakness that we have already seen in November or a pullback.

In terms of notable levels outside of this week’s range; To the upside, the next note level is slightly above 1.1900, the highs of September 10 and November 9 at 1.1919. On the downside, it will be important to watch the lows of November 11 at just under 1.1750.

 

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