EUR/USD Technical Analysis: Immediate target shifted to the 1.1100 region

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  • EUR/USD rebounds sharply and surpasses the 55-day and 100-day SMAs.
  • October/November peaks around 1.1100 are now on sight.

EUR/USD has regained strong upside impetus and broke above the key hurdles at the 55-day and 100-day SMAs at 1.1040 and 1.1076, respectively.

Immediately above now emerges the 1.1090/1.1100 region, where converge October and November tops. A breakout of this area of resistance should allow for a potential test of the critical 200-day SMA near 1.1160.

If sellers regain the upper hand (not favoured in the very near-term) initial contention is seen around 1.1040. Below this area, the downside pressure should be reasserted.

 

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