EUR/USD: resistance ahead
EUR/USD is consolidating in the $1.3370/90 range on Friday. The single currency is slightly down from the yesterday’s peak at $1.3400 (highest since mid-June, 200-week MA). Bullish momentum towards the euro persists, but there is a strong resistance ahead.
Commerzbank: EUR/USD remains bid above the $1.3312 and only a loss of last week’s low at $1.3188 will alleviate immediate upside pressure. Intraday charts are suggesting the $1.3417 high will be tested, but that it is likely to cap growth.
Chart. Daily EUR/USD