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EUR/USD Technical Analysis
The Euro has pulled back just a bit against the US dollar during early trading on Friday as PMI numbers have come out of multiple jurisdictions around the world and it shows pretty much what you expected it to be pretty messy. That being said, I think we’ve got a situation where we are running into a significant amount of resistance, and the 1.05 level has been like a major barrier to overcome.
Ultimately, this is a market that I think given enough time probably pulls back a bit and goes looking to the 50 day EMA. The 50-day EMA, of course, is a commonly followed technical indicator that a lot of people pay close attention to. And therefore, I think you have to look at this through the prism of a scenario where we have to see whether or not 1.04 holds. If it does, then the uptrend is intact. If not, then possibly break back towards the 1.02 level.
