FXStreet (Córdoba) – EUR/USD has entered a consolidative phase after a brief appearance above 1.1000 amid broad US dollar weakness.
EUR/USD gathered pace and climbed to a peak of 1.1030 but the 200-day SMA offered resistance and sent the pair back below the 1.10 mark. Having spent the last hours in a slim range, EUR/USD is currently trading at 1.0998, 0.54% above its opening price, and headed for its second weekly advance in a row.
All eyes now turn to Fed meeting next week, where the bank is widely expected to raise rates for first time since 2006. With expectations mostly priced in, investors while be carefully scrutinizing Fed wording and what it says about the future path of rates.
EUR/USD levels to watch
As for technical levels, next resistances line up at 1.1030 (200-day SMA), 1.1041 (Dec 9 high) and 1.1060 (100-day SMA) and 1.1100 (psychological level). On the flip side, short-term supports could be found at 1.0925 (Dec 11 low), 1.0878 (Dec 9 low), 1.0829 (Dec 8 low), 1.0795/91 (Dec 7 low/10-day SMA).
(Market News Provided by FXstreet)