Search ForexCrunch
  • A quiet end for the week amid low volume and volatility across financial markets.
  • EUR/USD moved sideways around 1.1240, keeping the consolidation mode.

The EUR/USD pair is about to end the week hovering around 1.1240, near the same level it had seven days ago. Price action was limited on Friday due to a holiday in the US and the pair moved sideways in a small range.

Economic data from the Eurozone on Friday came in above expectations on Friday but it did not boost the euro. Over the week, despite economic reports, including the upbeat NFP, EUR/USD remained on a consolidation mode moving around 1.1230.

On Wednesday the pair bottomed near 1.1185 but it quickly rose back above 1.1200 while later, on Thursday it climbed to 1.1303 but held above 1.1300 only for minutes. The critical support on the downside now is seen at 1.1190 while on the upside, a firm break above 1.1300 would point to more gains.

Week ahead

Next week, in the Eurozone, consumer confidence data and retail sales figures will be the most important reports, unlikely to impact on EUR/USD. Attention will likely focus on updates about the Recovery Fund. On Thursday, a new Eurogroup President will be chosen

Economic data to be released next week in the US includes the service ISM (Monday) and the weekly jobless claims report (Thursday). Traders will also continue to look coronavirus cases in the US and whether or not the CARES act is extended.

Technical levels