EUR/USD slips below 1.0650 level, hits fresh weekly low

The greenback continued gaining traction on Friday, with the EUR/USD pair dropping to fresh weekly lows near 1.0635-40 region.

The US President Donald Trump's teaser on Thursday, to unveil a “phenomenal” tax plan in coming weeks, underpinned the greenback demand on Friday, with the key US Dollar Index is now placed at daily tops near 100.90 region. 

In addition to Trump reflation trade, investors were also seen shying away from buying the shared currency, amid growing political risks related to the Presidential elections in France, has thus failed to provide any immediate respite for the major.

In absence of any major market moving releases from the Euro-zone, the US Dollar price-dynamics would remain an exclusive driver of the pair's movement on Friday. From the US, the Prelim UoM Consumer Sentiment index would be looked upon for some fresh impetus during NA session.

Technical levels to watch

A follow through selling pressure has the potential to continue dragging the pair towards 50-day SMA support near 1.0600 round figure mark below which the downslide could further get extended towards 1.0570-65 support area. 

Meanwhile on the upside, any recovery attempts might now confront immediate resistance near 1.0665-70 region, which is followed by an important resistance at 1.0700 round figure mark. A convincing move above 1.0700 handle might trigger a short-covering rally towards 1.0745-50 horizontal resistance, en-route 50-day SMA barrier near 1.0780-85 region.