EUR/USD Daily Technical Analysis for March 20, 2017

The EUR/USD edged lower on Friday after climbing for two consecutive trading session in the wake of the Federal Reserve meeting. Strong dollar comments from Treasury Secretary Mnuchin gave the greenback a boost. Resistance on the EURUSD chart is seen near a downward sloping trend line that comes in near 1.0785, and a break of this level would lead to a test of the February highs at 1.0829.  Support on the Euro to US dollar is seen near the 10-day moving average at 1.0646.

Treasury Secretary Mnuchin Give a Strong Dollar Policy Statement

A strong dollar statement was issued by Treasury Secretary Mnuchin along with a variety of other remarks following his meeting with German Finance Minister Schaeble. He said that the stronger dollar “is a good thing in the long-term” and a sign of increasing confidence in the reserve currency, though it is important that countries do not manipulate currencies.