NEW YORK (Forex News Now) – As of around 3:55 P.M. GMT on Friday, the euro was retreating against the dollar, erasing earlier gains and pulling back from an 8-month high in late European currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet says 1.406 seems to be the immediate static support ahead of the1.4030 area.
“Lose of daily low around 1.4000, could trigger a deeper bearish corrective movement, not seen at this point,” the realtime forex news site adds.
Forexcyle, meanwhile, notes that should the euro rise again before the weekend, next target would be around the 1.4200-1.4300 area.
According to the site’s EUR USD, “Support is at 1.4000 followed by 1.3870.”
Actionforex, in a report geared towards technical analysis trading, points out that on the downside, a break below minor support around 1.4007 will turn EUR/USD intraday bias neutral first.
However, the site adds that a “break of 1.3775 support is needed to signal topping. Otherwise, outlook in EUR/USD will remain bullish.”