EUR/USD Technical Analysis: Euro remains bid, approaching 1.1093 resistance

 

 

EUR/USD on the daily chart is trading in a downtrend below the 200-day simple moving average (DMA). However, this Monday, the spot had a strong reversal up above the 1.1000 handle and the 50/100 SMAs.  

 

 

EUR/USD is consolidating Monday’s bullish breakout above the 1.1059 support and the 200 SMA on the four-hour chart. There is an important resistance at 1.1093 and if the market overcomes it, the spot could continue to climb towards the 1.1139 level and possibly up to 1.1180 in the medium term, according to the Technical Confluences Indicator.  

   

 

The market had an unusually big breakout on the first day of the week. Support can be seen at the 1.1059, 1.1040 and 1.1013 price levels, according to the Technical Confluences Indicator.