EUR/USD sees third week of declines

A positive German consumer climate index failed to stop the euro from falling to a two-week low against the dollar. 

The pullback from the 1.38 resistance level this week suggests that we have seen a top for the EUR/USD pair for the time being, with the euro now seeing declines for a third consecutive week. The dollar strength on the back of the mini-taper is the key reason for the current price action.

The support level at 1.3620 continues to hold and, while above this metric, a retest of 1.37 cannot be ruled out. Any breach puts the 1.3480/90 level into focus.

Spot FX EUR/USD chart

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