- The euro edges down 0.58% so far in the week, after falling in three of the week’s five trading days.
- The EUR/USD reached a 2022 YTD low at 1.1106 on Thursday.
- EUR/USD Technical Outlook: The pair is downward biased.
On Friday, the EUR/USD trims some of its weekly losses, recording gains of 0.48% during the North American session. At press time, the EUR/USD is trading at 1.1252.
In the overnight session for North American traders, the shared currency seesawed in the 1.1168.1,1230 range, most of the time. Nevertheless, before Wall Street’s opened, the EUR/USD rallied above 1.1200, breaking on its way, the 100-hour simple moving average (SMA) at 1.1223, reaching a daily high at 1.1266 to stabilize around the 1.1240 area.
EUR/USD Price Forecast: Technical outlook
On Thursday, the EUR/USD reached a YTD low at 1.1106, near the 1.1100 mark, though closed above the mid-line between the top/central Pitchfork’s parallel lines, suggesting profit-taking and buying pressure lifted the pair at the end of New York’s session. It is worth noting that EUR/USD daily moving averages (DMAs) reside above the actual exchange rate, indicating a downward bias. That said, the EUR/USD could aim higher, near February 24 daily high at 1.1308, followed by a leg-down towards the 1.1000 area.
In that outcome, the EUR/USD first support would be 1.1200. Breach of the latter would expose Pitchfork-s mid-line within the top/central parallel lines around 1.1165, followed by February 24 daily low at 1.1106.