EUR/USD technical analysis: Fiber spikes to 1.1021 after the London close

 

 

 

On the daily chart, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The market is challenging Monday’s highs.

 

EUR/USD is trading below the main SMAs, suggesting a bearish bias in the medium term. A daily close above 1.1000 can expose the 1.1023/35 resistance zone and the 1.1075 price level, according to the Technical Confluences Indicator.

 

  

 

The market is trading between the 100 and 200 SMAs, suggesting a consolidation in the near term. To the downside, a break of the 1.1000 support can lead to the 1.0965 support (current weekly low) and the 1.0940 level (near the 2019 low), according to the Technical Confluences Indicator.