EUR/USD analysis: technical levels and factors to watch
The EUR/USD rebounded on Friday after experiencing losses the previous day. The euro has been falling within a pattern that could either be a short-term bearish channel or a potential bullish flag. The upcoming week may clarify this, as key inflation data from both the US and Eurozone are anticipated, as mentioned. The underlying trend is arguably bullish following the break of the bearish trend line that had been in place since December. However, the subsequent loss of bullish momentum has reduced the appeal of the EUR/USD from a short-term bullish perspective. Still, the bulls will be content for as long as key support around 1.0800 area holds. Short-term resistance comes in at 1.0850, which was being tested at the time of writing late in the day on Friday.
The EUR/USD rebounded on Friday after experiencing losses the previous day. The euro has been falling within a pattern that could either be a short-term bearish channel or a potential bullish flag. The upcoming week may clarify this, as key inflation data from both the US and Eurozone are anticipated, as mentioned. The underlying trend is arguably bullish following the break of the bearish trend line that had been in place since December. However, the subsequent loss of bullish momentum has reduced the appeal of the EUR/USD from a short-term bullish perspective. Still, the bulls will be content for as long as key support around 1.0800 area holds. Short-term resistance comes in at 1.0850, which was being tested at the time of writing late in the day on Friday.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.