EUR/USD outlook, Friday July 5th; Range trade with bearish bias
- If medium-term consolidation is to continue then support levels near 1.2800 should hold (see chart).
- Short-term EUR/USD trend is bearish with solid resistance now at 1.3030 (see chart).
- EUR/JPY is bit directionless at the moment but big macros have been selling rallies.
- EUR/GBP is still capped below .8600.
- EUR/AUD looks like it will again have a weekly close below 1.4400 and with macros also booking profits in this cross, a retracment phase towards 1.3500 looks possible (see chart).
Conclusion: The technical picture suggests a 1.2800/1.3025 consolidation range and the crosses are suggesting a bearish bias.