EUR/USD (current price: 1.1173)
The Euro surged higher on Friday following the week U.S. GDP print and the most traded pair is now back near the 1.185 resistance level that capped the movements of the common currency since the Brexit vote. The cross violated the short-term declining trend yet again, as it jumped past the 200-day MA in Wall Street trading, The Euro still faces strong resistance near 1.12 and at 1.1375, and this week’s Employment Report might reverse the current trend if the U.S. labor market still proves to be strong.
Our assessment: EUR/USD is still in a neutral long-term range, after respecting the 1.10 support and breaking back above the 200-day MA, signaling a new short-term advancing trend.
