The euro was seen trading somewhat choppy on Friday. Prices initially fell to new lows of 1.1110 before recovering. By Friday’s close, the currency closed in the positive. A string of strong economic reports from the US was in stark contrast to the weakening fundamentals from Europe. Despite the small gains from Friday, the euro still remains weak.
Can EURUSD Maintain the Recovery?
After slipping to a fresh two-year low, the EURUSD closed with an outside bar on Friday. On the intraday charts, the currency pair closed above the support of 1.1140. If this support holds, we expect price to possibly retrace higher. The initial target to the upside is seen at 1.1226 where resistance could form, keeping the gains in check.
