EUR/USD Price Forecast: 200-week SMA offers last line of defense

EUR/USD remains under pressure on Friday, slipping 0.22% to trade near 1.1190 as the US Dollar gains strength and French fiscal concerns weigh on the Euro. Traders await Federal Reserve and European Central Bank interest rate decisions next week. Commerzbank advises the Fed and ECB to pause rate hikes in October to gain economic and geopolitical clarity, with a potential 25 basis point rate hike in December if inflation remains high.

EUR/USD trades above the 200-week SMA at 1.1105 but below the 50-week and 100-week SMAs, indicating sellers control the market. Key support levels include the 50% Fibonacci retracement at 1.1130 and the 200-week SMA at 1.1105, while resistance lies at the 38.2% retracement at 1.1355 and the 100-week SMA at 1.1379.