EUR/USD Technical Analysis: The pair could move into a consolidation phase if fails to break above 1.1100

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  • EUR/USD keeps navigating the familiar range around the 1.1050 region today.
  • Ideally, the pair needs to break above the short-term resistance line at 1.1080 and recent tops beyond 1.1100 the figure to allow for the continuation of the bull run and a potential test of the 55-day SMA at 1.1121.
  • A clear of this region on a sustainable note should alleviate the downside pressure somewhat and refocus the trade to late August peak at 1.1163 ahead of the 100-day SMA at 1.1175.

EUR/USD daily chart

 

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