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EUR/USD on track for its seventh weekly loss

FXStreet (Córdoba) - Going through the last session of the week, the EUR/USD remains clueless and directionless just below the 1.3200 level as investors focus now turns to European Central Bank decision next week.

The EUR/USD has traded in a narrow range throughout the day, with Eurozone CPI or US docket unable to give a short-term direction to the pair. At time of writing, the EUR/USD is trading at 1.3183, virtually unchanged on the day, but still 0.42% down this week. The euro is on track to close its seventh consecutive week with losses versus the dollar and the second month in a row.

EUR/USD technical outlook

Valeria Bednarik, chief analyst at FXStreet notes that market will probably wait until upcoming ECB meeting on Thursday before taking any serious decision on the pair. “At this point, the short-term picture is mildly bearish. Unless price acceleration below 1.3150, the pair will likely maintain its weekly range for the rest of the day”, said Bednarik.

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