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The common currency erased the intraday gains on Friday after prices rise to a new high, briefly testing the 1.1900 level.

Price action on Friday closed on a bearish note. But on a weekly basis, EURUSD gained for six consecutive weeks, rising over 5.3% in total.

Friday’s close put EURUSD just below the rising trend line but only a few pips above the 1.1750 handle.

A rebound off this level might keep the euro supported to the upside. Alternately, a close below 1.1750 could see prices falling to the test the next main trend line and closer to the 1.1600 handle.

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