EUR/USD Price Analysis: Euro bulls looking for a break above the 1.1151 resistance

 

 

Euro bulls are pressuring the session’s highs near the 200-day simple moving average (DMA). The bulls want a daily close above the 200 DMA. 

 

 

The market is forming a head-and-shoulders pattern. However, if the spot overcomes the 1.1151 level to the upside, the pattern is likely to be invalidated as bulls would likely target the 1.1186 and 1.1220 levels on the way up. However, a break below the 1.1104 support can lead to weakness towards the 1.1062 and 1.1027 price levels, according to the Technical Confluences Indicator.