The euro‑dollar slipped for a second consecutive session on Friday, as rising energy‑linked inflation worries rekindled expectations of further Federal Reserve tightening, bolstering the US dollar amid heightened US‑Iran tensions.
Spot is hovering near 1.1435, but the thin follow‑through suggests traders should stay cautious before adding to the pullback from the near‑four‑week peak reached earlier in the week.
Technically, the pair’s attempt to extend its breakout above the 23.6% Fibonacci retracement of the April‑June decline stalled at the 200‑period SMA on the four‑hour chart.
The RSI lingers around the neutral 50 mark while the MACD edges slightly into negative territory, indicating that upward momentum may stay limited.
To the downside, the key structural support sits near the Fibonacci anchor at 1.1330, coinciding with the recent swing low and likely to draw buying interest if the pair slips further.
On the upside, the near‑term resistance rests at the 200‑period SMA around 1.1477, followed by the 38.2% Fibonacci level at 1.1508. A decisive move beyond these zones could expose the pair to the next Fibonacci barriers at 1.1563 and 1.1618, should buying pressure regain strength.
EUR/USD 4-hour chart
