- EUR/USD turns negative for the week, about to end the 8-week streak.
- US data above expectations add fuel to the dollar.
The EUR/USD pair dropped further and bottomed at 1.1753, the lowest level since August 12. The euro found support above 1.1750 and rebounded modestly to the 1.1775 area. A stronger US dollar on Friday weighs on the pair.
The greenback is the top performer on Friday. The DXY is up 0.50%, trading above 93.50, the highest intraday level since Monday. The rally started during the European session following the EZ Markit PMI report. Also, some profit-taking from the recent USD slide contributed to the move lower.
On American hours, the decline in EUR/USD continued. It bottomed after the release of the US Markit PMI and Existing Home Sales reports that came in above expectations. In Europe, the latest report was the EU Consumer Confidence Indicator that rose modestly.
With Friday’s decline, the euro turned negative for the week versus the US dollar. It is about to post the first loss after rising during eight consecutive weeks. The decline takes place on the same week, the rally of EUR/USD lost momentum below the 1.2000 level and correct lower from the highest level since May 2018.
Technical levels
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