The euro-dollar pair traded in a limited range today, Friday, but it recorded a rise for the fifth week in a row, and this comes in light of the absence of economic data today and the financial markets anticipation of Donald Trump's speech after his inauguration as President of the United States of America officially.
The euro-dollar pair managed to rise during this week's trading, recording its highest level in six weeks, in light of the decline of the US dollar, following statements from Donald Trump, that the US currency rose more than it is supposed slowly and gradually.
The European Central Bank fixed its monetary policy yesterday, Thursday, unchanged, to keep interest rates fixed, and Mario Draghi, Governor of the European Central Bank, indicated the bank’s readiness to intervene in the financial markets when needed, in addition to reiterating expectations that interest rates would remain at their lowest level for a period. longer than the time.
The trading of the euro-dollar came today, Friday, at the end of the week in a limited range, in light of the financial markets waiting for what might be issued by Donald Trump during his speech after officially taking office, which led to weak trading volumes so far, waiting for Trump’s speech, especially with the absence of data. Economic for both the European economy and the economy of the United States of America.
Weekly technical outlook on the EUR/USD pair
The euro-dollar pair managed to end the week’s trading above the level of 1,0700 after the pair started the week’s trading at the level of 1.0570, where the euro-dollar pair settled above the 23 Fibo line on the daily time frame, as shown in the graphic
The price also settled positively above the level of the average moving indicator line, in addition to the fact that both the MACD and the Stochastic indicator show a positive crossover in expectations that indicate more upside in the short term.
The trading range of the EUR/USD pair during this week was between the support level at 1.0570 and the resistance level at 1.0720