Black Pipper

Forex Dreamers

EUR/USD: Continuation of uptrend encounters resistance at 110.75/84

EUR/USD is moving sideways in the 1.1030 / 40 range. Before the important ECB event on Thursday, consolidation is expected to continue. An attempt to break out should encounter resistance at 1.1075 / 84, where the 21-day SMA and last week’s high are.

Overall, the outlook remains negative as long as the 55-day SMA of 1.1165 is intact. This area is strengthened by the end of August high of 1.1163 (26 August).

Technical Levels

S1 1.1014
S2 1.0999
S3 1.0977

R1 1.1051
R2 1.1073
R3 1.1088

 

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