EUR/USD lacked volatility on Friday morning, as it remained located relatively close to the 1.25 mark. This situation changed mid-session when solid US employment data strengthened the Greenback against major currencies, including the Euro. The pair was subsequently trading sideways, as the 55– and 100-hour SMAs bounded the Euro from both sides.
In terms of patterns, the rate breached a short-term trend-line mid-Friday and continued to trade in a new junior channel. This steep formation, however, should not hold any longer, as strong upside momentum is unlikely today.
The Euro is expected to find support near the 100– and 200-hour SMAs and the weekly PP circa 1.2435 and cap its gains around the 2015/17 high of 1.2540.
