EUR/USD technical analysis: Recent bull run currently capped at 1.1320 resistance

  • The US and Mexico reached a deal on tariffs and immigration, which is seen as positive for USD.
  • The European Central Bank is considering cutting interest rates to ramp up inflation.
  • The bank holiday in some European countries is keeping the volatility low. EUR/USD is essentially trading sideways this Monday.

EUR/USD daily chart

EUR/USD is trading in a bear trend below its 200 simple moving averages (SMAs).

EUR/USD 4-hour chart

The market is testing 1.1320 resistance while trading above its main SMAs.

EUR/USD 30-minute chart

Fiber is consolidating below 1.1320 and the 50 SMA. It is trading above the 100 and 200 SMAs and a sustained break beyond 1.1320 is needed to reach 1.1400 handle. On the flip side, a daily close below 1.1250 would be seen as bearish.

Additional key levels

Articles You May Like

Canada April GDP -11.6% vs -12.2% m/m expected
AUD/NZD May Turn Lower as Dairy Prices Boost NZ Dollar
One of the biggest trading fallacies
ASX 200 Perched at Support as Iron Ore Price Pulls Back
Nasdaq up 2% as the quarter winds to a close

Leave a Reply

Your email address will not be published. Required fields are marked *