EUR/USD backs away from 1.1100

By FXStreet FXStreet (Córdoba) – EUR/USD soared above 1.1100 on Friday as the dollar was hit by extremely low wage growth in the US, but it failed to hold above the 1.11 mark and it is now looking to stabilize around 1.1050.

EUR/USD rose nearly 200 pips from daily lows and pierced through several resistance levels before stalling at 1.1113, a few pips shy of its Monday’s peak, but having completely erased FOMC and GDP inspired losses.

EUR/USD however, is now facing selling pressure amid profit taking, having pulled back from highs toward the 1.1025 zone. At time of writing, the pair is trading at 1.1040, still 1.00% above its opening price.

Disappointing wage data hurt the dollar across the board as remaining slack in the jobs markets could prompt Federal Reserve to wait longer before raising rates.

EUR/USD levels to watch

On the upside, EUR/USD could find next resistances at 1.1130 (Jul 27 high ) and 1.1196 (Jul 13 high), while supports are now seen at 1.1020 (100-hour SMA), 1.0920 (Jul 31 low) and 1.0893 (Jul 30 low).
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Source:: FX Street