EURUSD retraces from this week’s high at 1.0850 during today’s EU and US session overlap and is set to end the week below 1.0750, cancelling a row of 4 daily consecutive bull runs. The next intraday support level points out at 1.0700, which lays at the lower boundary of this week’s upper channel and this level will see whether there’ll be more upper movements towards 1.10 – 1.11. On the other side a break below 1.0700 would see EURUSD testing 1.0620 and then 1.05.
As traders will be looking to cash in on recent rallies against the US, expect recovery and resumes in the USD trends vs the basket of major currencies next week.