EUR/USD ends week under 1.1300 at 7-day lows

EUR/USD dropped further on Friday during the American session affected by a stronger US dollar and amid risk aversion. The pair and stocks in Wall Street accelerate to the downside after the release of UK-EU referendum polls giving the lead to the “leave” position.

The euro extended gains versus the pound but at the same moment, it dropped versus the US dollar. EUR/USD fell from 1.1280 and bottomed at 1.1244, reaching a fresh 1-week low. Then it bounced to the upside and it was about to end Friday around 1.1260, a hundred pips below the level it closed seven days ago.

EUR/USD limited by 1.1415 - 1.1500

The pair fell during the last two days with price pulling back toward the 20-day moving average. On a wider perspective, it continues to move above an uptrend line in the weekly chart, but in order to open the doors for more gains it needs to break and confirm clearly on top of 1.1450.  To the downside, the area around 1.1100 has become an important dynamic support, that is where the uptrend line from November 2015 lows currently stand.