EUR/USD technical analysis: Euro clings to daily highs into the London close

 

 

 

On the daily time-frame, the shared currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The market has been in consolidation for three consecutive days.

  

 

EUR/USD is challenging the 100 SMA on the 4-hour time-frame. Bulls are gaining some ground. However, they would need to surpass the 1.1073/1.1100 resistance zone on a daily closing basis in order to confirm a bullish reversal en route towards 1.1142, according to the Technical Confluences Indicator.

  

  

 

The Euro is trading at daily highs within the range of the last two days. A daily close below 1.1016 could be seen as a bearish sign. Further down support is seen at the 1.0965 price level.