EUR/USD finds support in the 1.1330 area

After climbing as high as the boundaries of 1.1370 on Thursday, EUR/USD has now deflated to current 1.1330/35 band.

EUR/USD lower on USD bids

Spot is currently snapping a 5-session positive streak, although it remains well poised to close its second consecutive week with gains after breaking above the key resistance area first around 1.1260 (where is located the 2014-2016 trendline and a retracement of the May-June drop), and second around 1.1310 (base of the 8-month rising channel).

The week has offered little-to-nothing in terms of data releases in Euroland, leaving the USD-dynamics – mainly via the FOMC minutes on Wednesday – as the exclusive driver for the pair’s price action.

EUR/USD levels to watch

The pair is now losing 0.13% at 1.1338 and a breach of 1.1313 (base of the 8-month rising channel) would target 1.1263 (50% Fibo of the May-June down move) en route to 1.1313 (2014-2016 support line). On the other hand, the next hurdle aligns at 1.1367 (high Aug.18) followed by 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12).