EUR/USD technical analysis: Fiber crumble to daily lows as US delay tariffs until December

 

EUR/USD is consolidating for the sixth consecutive day. The single currency is capped by the 1.1220/55 resistances as well as the 50/100-day simple moving averages (DSMAs). The US announced that some tariffs will be delayed until December 15. The news was perceived as risk-on as US stock indices shot higher, safe-haven gold, yen and CHF sold-off and the greenback appreciated. 

 

 

EUR/USD is in a range between the 1.1255 resistance and the 1.1160 support while the market is trading below a downward sloping 200 SMA. Bears are probing the 1.1173 support. However, EUR/USD would need a daily close below 1.1160 to regain a convincing bearish potential. 

  

 

 

The range theme is still intact for now. However fundamental factors seem to be turning in favor of the bears. Immediate resistances are seen at 1.1200 and 1.1220, according to the Technical Confluences Indicator.