- The euro is down 0.58% so far this week, after falling on three of the five trading days for the week.
- EUR/USD hit a 2022 low at 1.1106 on Thursday.
- EUR/USD Technical Outlook: The pair is biased lower.
On Friday, the EUR/USD trims some of its weekly losses, posting gains of 0.48% during the North American session. At press time, EUR/USD is trading at 1.1252.
In the overnight session for American traders, the shared currency traded in the range of 1.1168 – 1.1230, most of the time. However, before the Wall Street open, EUR/USD rose above 1.1200, breaking on its way, the 100 hourly simple moving average (SMA) at 1.1223, reaching a daily high at 1.1266 to stabilize around the area of 1.1240.
EUR/USD Price Forecast: Technical Outlook
On Thursday, EUR/USD hit a yearly low at 1.1106, close to 1.1100, although it closed above the midline between the parallel upper/middle lines on Pitchfork, suggesting that profit-taking and buying pressure fueled to the pair at the end of the New York session. It is worth noting that the EUR/USD daily moving averages (DMAs) are above the real exchange rate, indicating a bias to the downside. That said, EUR/USD could head higher near the 24 Feb daily high at 1.1308, followed by a decline towards the 1.1000 area.
In that result, the first support of the EUR/USD would be 1.1200. A break of the latter would expose the Pitchfork midline within the parallel upper/middle lines around 1.1165, followed by the daily low of 24 Feb at 1.1106.
Additional technical levels
Source: Fx Street
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