The euro was trading stronger on Friday but gave back the gains by closing hours. The euro was buoyed by the outcome of the UK elections.
News about the trade deal also saw a bit of volatility for the US dollar. However, the euro ignored the weak retail sales report, trading off the global cues.
EUR/USD Reverses Gains Off Resistance
The common currency rose to the resistance level of the 1.1200 – 1.1180 region. But price action quickly reversed, pushing EURUSD to close slight in the red. Currently, we expect the currency pair to slip to the lower support area of 1.1100. A retest of this level for support will likely keep the upside bias alive.
