EUR/USD Remains Capped by 1.1230 Zone
EUR/USD consolidates near daily highs in quiet trading Friday, with the dollar mixed across the board ahead of the G7 meeting.
EUR/USD found support at the 1.1180 area on Thursday but every bounce
attempt has remained capped by the 1.1230 region, confining the pair to a
phase of consolidation. At time of writing, the pair is trading at
1.1222, up 0.16% on the day but still 0.77% down this week.
On Wednesday, FOMC minutes revealed members consider June rate hike as
“likely” if economic conditions warrant, boosting the greenback across
the board.
EUR/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.1179
(7-week low, May 19), 1.1152 (100-day SMA), 1.1100 (200-day
SMA/psychological level) and 1.1057 (Mar 16 low). On the flip side,
resistances line up at 1.1227/29 (May 19 & 20 highs), 1.1315 (50-day
SMA/May 18 high) and 1.1356 (20-day SMA).
