EUR/USD holds daily gains close to the area average 1.17

The pair EUR/USD, which was able to close the day a little above 1.17 on Thursday, recorded a profit modest Friday and was last seen moving laterally near the middle area 1.17, gaining 0.2% on the day.

Earlier in the day, the data showed that the surplus of the current account of the euro zone for June was reduced to 21.200 million dollars and has not reached the estimation of the market of 27,300 million euros. Although the Index of Consumer Sentiment from the University of Michigan improved to 97.6 in August from 93.4, reaching its highest level since January, the Dollar Index was unchanged in around the middle area of 93. At this time, the index operates at 93.47, losing 0.2% on the day.

Despite the recovery of today, the pair is still aiming to close the week bearish. The minutes of the meeting of the ECB, published yesterday, revealed that the politicians were concerned about the growing value of the common currency. However, the pair might continue to find support in the next few days by the political upheaval in the U.S., which aggravates concerns about the ability of the administration to Trump to drive the policy changes as expected as the fiscal reform and the reform of the infrastructure.

However, the economic calendar for the Monday will not contain any data that may affect the price action, and it is likely that the pair will keep the calm in his range recent in the short term.

Technical perspective

With the removal of this week, the RSI indicator on the weekly chart finally corrected their readings of overbought. The same indicator on the daily chart is moving sideways close to 50, suggesting a neutral bias in the short term. The initial obstacle for the pair is aligned at 1.1780 (DMA 20) to the waiting 1.1845 (maximum of 11 of August) and 1.1905 (maximum of 2 of August). On the negative side, the brackets could be seen in 1.1660 (minimum of 18 August), 1.1610 (a minimum of 26 of July) and 1.1500 (psychological level).

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