The EUR/USD pair builds on the overnight bounce from the 1.0950 area and gains some follow-through traction on Friday, albeit seems to lack bullish conviction.
EUR/USD regains positive traction on Friday amid the emergence of some USD selling. Fed rate cut bets, along with a positive risk tone, undermine the safe-haven Greenback. The technical setup favors bulls and supports prospects for a further appreciating move. Spot prices stick to modest intraday gains through the early part of the European session and currently trade around the 1.0985 region, up just over 0.10% for the day.
On the flip side, the 1.0950 resistance-turned-support should continue to protect the immediate downside ahead of the 1.0920 horizontal zone and the 1.0900 mark. Some follow-through selling below the 1.0880 mark might expose the 200-day Simple Moving Average , currently pegged near the 1.0835 region before the EUR/USD pair drops to the 1.0800 mark. The latter coincides with the 100-day SMA and should act as a key pivotal point.
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