EUR/USD came under modest bearish pressure and declined toward 1.0700 in the European session on Friday. The US Dollar regathered strength on the back of rising US T-bond yields ahead of the UoM Consumer Confidence data and weighed on the pair. The Relative Strength Index (RSI) indicator on the four-hour chart edged higher toward 50 on Thursday but failed to climb above that level, reflecting buyers’ hesitancy. On the upside, key resistance area seems to have formed at 1.0760/70, where the Fibonacc 50% retracement level of the latest uptrend and the 200-period Simple Moving Average align. In case the pair stabilizes above that level, additional buyers could come into play and help EUR/USD push higher toward 1.0820 (Fibonacci 38.2% retracement, 50-period SMA) and 1.0840 (100-period SMA). EUR/USD faces interim support at 1.0730 (20-period SMA) before 1.0700 (psychological level, Fibonacci 61.8% retracement). A four-hour close below the latter could trigger an extended decline toward 1.0645 (static level).
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