Lloyds expects EUR/USD to retreat towards 1.1214 this summer as persistent US inflation risks restore the Dollar's interest-rate advantage. At Friday's market close, the Euro to Dollar (EUR/USD) exchange rate was quoted at $1.1371, down 0.05% on the day and from $1.1438 the previous Friday.
The Euro remains supported by expectations of further ECB tightening, but EUR/USD is still struggling to escape the lower end of its July range. EUR/USD traded close to 1.1371 at the end of the latest session, leaving the pair near July's low after a subdued week for the single currency.
Stronger UK retail sales and improving business activity support the pound, but GBP/EUR must break 1.1760 to revive July's rally. The Pound to Euro exchange rate recovered on Friday after suffering three consecutive daily declines earlier in the week.
It was not an easy week for the euro. Now, EUR/USD has accumulated a decline of more than 0.4% over the last 2 trading sessio.
EUR/USD has extended its decline after forming a notable double-top pattern, with the ECB's latest rate decision strengthening the bears.
Euro: Choppy range view holds against US Dollar – Rabobank
Euro managed to print below support 1.1380 which may add more drop pressure over market As we see over the chart Daily resistance laying at 1.1480 while targets toward 1.1210 and 1.1065 Above 1.1480 more advance toward 1.1620 and above is likely SUPPORT RESISTANCE LEVEL1 1.1310 1.1480 LEVEL2 1.1210 1.1620 LEVEL3 1.1065 1.1685
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EUR/USD Price Forecast: Bears target a break below 1.1350 support