The euro managed to close in the green on a weekly basis. The gains were primarily driven by a weaker USD.
Friday’s payrolls saw the dollar paring losses but still closed in the red. This saw the euro posting a four-day winning streak.
A lack of any new fundamentals from the eurozone saw the gains to be rather muted.
Will EUR/USD Maintain the Upside Bias?
The currency pair settled comfortably above the support turned resistance area of 1.0944 – 1.0925. Price action is yet to test this level to reconfirm support. If support is formed at this level, we anticipate further gains in store. The upside could prevail which will see the EURUSD targeting the 1.1030 resistance area.
