EUR/USD: Sellers to remain on the sidelines while above 1.07

EUR/USD remains on track to close the second straight week in positive territory. A weekly close above 1.07 could be a bullish sign, FXStreet’s Eren Sengezer reports.

Static resistance seems to have formed at 1.0760

“On the upside, static resistance seems to have formed at 1.0760. 1.08 (psychological level) aligns as the next hurdle.” 

“Initial support is located at 1.07 (psychological level, 20-period SMA) before 1.0660 (ascending trend line, static level) and 1.0630 (200-period SMA).” 

“As long as the pair manages to end the week above 1.07, sellers are likely to remain on the sidelines.”