Recovery from a higher base at 1.1660 zone extends into second straight day and cracks significant barrier at 1.1745 (top of thick daily Ichimoku cloud) with sustained break here to boost positive signal and open way for further recovery.
The Euro managed to break above the resistance level of the triangle formation to meet the first target at 1.8000. Resistance at 1.1800-35 caused a drop while supports at 1.1600 could create a trading zone.
EUR/USD: ECB message to anchor pair – ING
EUR/USD: Downside bias hinges on 1.1665 break – UOB
EUR/USD Price Forecast: Bounces back to near 1.1730 as 20-day EMA remains supportive
Looking at the 4-hour chart, the pair is still above the 1.1665 pivot level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, there is a bullish trend line forming with support at 1.1690.
EUR/USD trades above 1.1700 after paring latest losses
After touching a high of nearly 1.17915 on Monday, the EUR/USD was trading around 1.16690 on Thursday, this before going into the weekend around 1.17170.
As the trading week comes to an end, EUR/USD has posted a gain of more than 0.3% during the final session, with the euro showing a modest recovery in strength in the short term. However, when looking at the average of recent sessions, price action continues to reflect a consistent phase of neutrality.
EUR/USD rebounds as renewed US-Iran talks hopes lift risk sentiment
EUR/USD: Losses steady near support – Scotiabank
The Euro managed to break above the resistance level of the triangle formation to meet the first target at 1.8000. Resistance at 1.1800-35 caused a drop while supports at 1.1600 could create a trading zone.