EUR/USD Technical Analysis: Euro stuck above 1.1000 handle in the New York session

 

 

 

On the daily chart, the euro is trading in a downtrend below its main daily simple moving averages (DMAs). On the second day of the week, the market is trading in a tight trading range in the New York session.  

 

 

 

The spot is consolidating just above the November low while remaining under bearish pressure around  the 1.1020 resistance and its main SMAs. The key support to break for sellers is likely located near the 1.0996 level not far away from the current monthly low. If sellers gather enough momentum and break this level to the downside, the market could depreciate towards the 1.0969 and 1.0910 price levels, according to the Technical Confluences Indicator.

 

 

EUR/USD is trading in a  tight trading range challenging the 1.1020 resistance and the 50 SMA.  

A daily close above the 1.1035/1.1049 resistance could question the validity of the bear case in the near term.