The EUR/USD loses direction

During this Friday’s session, the EUR/USD loses strength and falls to the 1.1750 zone, from where it bounces rapidly to the upside and goes back to the zone around its 55 day EMA (purple line), just below the 1.1800 level. Around that zone, the EUR/USD loses its direction and stays consolidated. The Stochastics indicator is in the oversold area, showing us that the pair may try to break above the 1.1800 level. Above that level, the next resistance could be the 1.1900 level. But since the pair may breakout in any direction, to the downside, the 1.1700 level may act as support, followed by the 1.1600 level or the 200 day EMA (blue line).