EUR/USD Technical Analysis: Upside traction expected to struggle near 1.1120

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  • Price action around EUR/USD remains fragile despite the bout of buying pressure in the wake of better-than-expected flash PMIs in core Euroland.
  • Extra gains appear limited by weekly tops in the proximity of the 1.1120 level ahead of the more relevant 21-day SMA at 1.1137.
  • On the resumption of the selling bias, immediate contention is seen emerging around 1.1060 (weekly lows) ahead of the 2019 low at 1.1026.

EUR/USD daily chart

 

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