The upside potential seems unlikely
During the Asian trading session on Friday, there was some buying interest in the EUR/USD pair, which led to a reversal of its recent decline. The pair had previously reached a three-month low of 1.0685 but has now climbed back to around 1.0720, representing an increase of nearly 0.20% for the day. This upward momentum is partly due to weakness in the US Dollar.
However, despite this temporary rebound, the EUR/USD pair is still on track for its eighth consecutive weekly loss. The overall fundamental backdrop suggests that the path of least resistance continues to be towards further downside movement.
Given these circumstances, any additional upside moves in the near term are likely to be met with selling pressure and may not exceed limited levels ahead of next week's important European Central Bank (ECB) meeting.
However, despite this temporary rebound, the EUR/USD pair is still on track for its eighth consecutive weekly loss. The overall fundamental backdrop suggests that the path of least resistance continues to be towards further downside movement.
Given these circumstances, any additional upside moves in the near term are likely to be met with selling pressure and may not exceed limited levels ahead of next week's important European Central Bank (ECB) meeting.
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