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EUR/USD registered highs for the day at 1.0598 after finding support twice in the area of 1.0554. In the American session, the Euro is trading below the 21 SMA with a bearish bias and above the 200 EMA located at 1.0512.
Selling pressure around the US dollar (USDX) supported the strong rally in the EUR/USD pair on Thursday. The sharp drop in 10-year Treasury yields weighed on USDX and investors turned to risk assets.
The short-term technical outlook for the euro remains positive, although it will need to break and consolidate above 1.0600 to enable a further rally, with the next target at 4/8 Murray around 1.0742.
If the euro cannot surpass 1.0600, it could lose momentum. The first support is at 1.0555 and then at 1.0512 (200 EMA) and 1.0498 (2/8) (short-term uptrend line). Below then comes 1/8 Murray at 1.0376. If the price is below this area, this would leave the Euro vulnerable and the currency pair could resume the main downtrend.
In the coming days, the euro could find strong support around 2/8 Murray at 1.0498. As long as it remains above this level, the euro is likely to resume its short-term uptrend and could reach the area 1.0670 and 1.0742 (4/8 Murray).
Our trading plan for the next few hours is to sell, only if the Euro consolidates below the 21 SMA located at 1.0575 or to buy in case of a technical bounce at the bottom of the uptrend channel around 1.0512 - 1.0498.
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