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  • EUR/USD is now attempting a sideline theme in the 1.1030/40 region. Further consolidation is therefore expected ahead of the key ECB event on Thursday.
  • An attempt to break higher should meet initial resistance at the 1.1075/84 band, where coincides the 21-day SMA and last week’s top.
  • Looking at the broader picture, as long as the 55-day SMA at 1.1165 caps the upside, the negative view is expected to prevail. This area is also reinforced by later August tops (August 26 at 1.1163).

EUR/USD daily chart