- The US Dollar is losing strength as US bond yields are falling.
- The market broke above the 1.1220 resistance potentially opening the doors to the 1.1253 level.
EUR/USD daily chart
EUR/USD is in the second day of consolidation while the market is testing the 50 and 100-day simple moving averages (DSMAs). Trade war dynamics and falling US bond yields are influencing the value of the US Dollar and most of the price action on the single currency. Interestingly, this week will see virtually no top tier macroeconomic announcements adding extra weight to any news related to international trade.
EUR/USD 4-hour chart
EUR/USD is consolidating the recent gains trading between the 100 and 200 SMAs. Bulls are currently challenging the weekly high. A daily close above 1.1253 could open the doors towards 1.1282 resistance on the way up, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
Bulls are gaining ground as the market broke above the 1.1220 resistance as the market is trading above its main SMAs. Bears have quite a lot of work to do as they need to reclaim the 1.1220 level followed by the critical 1.1174 support. A clear break below it can lead to 1.1138 on the way down.
Additional key levels
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