EUR/USD ends week flat, bearish trend intact

By FXStreet FXStreet (Córdoba) – EUR/USD decline on Friday and is about to end the week practically unchanged from the level it had seven day ago. The dominant trend continues to favor the US dollar but the euro managed to hold above 1.0700.

EUR/USD below 1.0820

On Friday, lower-than-expected inflation and retail sales data did not weaken the US dollar, the rose versus the euro. EUR/USD fell from 1.0805 to 1.0715 and near the end of trading it was at 1.0730/40.

After falling sharply last week, on Tuesday the pair bottomed at 1.0672, the lowest level since April but then bounced to the upside. The pair moved during the last five days sideways around 1.0750.

The upside remains limited by the 1.0800 – 1.0820 that until recently it was a relevant support. If the euro rises above it could gain moment. Price continues to move within a bearish channel, that offers a dynamic resistance around 1.0820. A consolidation over the next days under 1.0700 could open the doors to more losses.

Calendar ahead

Next week, inflation data of the US and the Eurozone will be released and also central banks minutes. On Wednesday it will be the Federal Reserve and on Thursday …read more

Source:: FX Street