EUR/USD ends the week on a high and holds above 1.14 despite issues at the EU summit

  • EUR/USD  is currently 1.25% higher on the week and 0.48% in the black on Friday.
  • There has been a strong  bout of dollar weakness leading into the weekend.

EUR/USD 1-hour chart

EUR/USD is heading into the weekend on a high. There has been a mixed spate of headlines in the last couple of hours with WH Economic Advisor Kudlow saying an early target for more fiscal stimulus is the end of July. On the negative side, the San Francisco Mayor said the sated re-opening has been halted. The EU Commission meeting was set to be the biggest event of the session but not too much news has come out of the meeting. The Dutch are said to have asked for a veto on their vote over the EUR 750 bln package. The Dutch believe all 27 member states need to agree on how the grants are distributed in the EU. The EU Summit is set to continue over the weekend and maybe more details will emerge tomorrow. 

Looking at the chart below, the main level is the red horizontal line at 1.1452. If the price breaks out of this level it would be the highest the pair has traded since 10th March 2020. On the downside, the blue trendline could be a support zone but if it does break the next support is at 1.1390. Lastly, the MACD is looking very positive, the histogram is very large and the signal lines are still firmly above the zero level. Into next week it will be interesting to see if the resistance zone can be broken. 

EUR/USD technical analysis

Additional levels

 

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