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US data and trade war headlines conspired against the common currency these days
The EUR/USD pair surged to a fresh September high, 1.1721, retreating from the level but anyway closing the week with solid gains. A bout of risk appetite sent the greenback lower, on hopes the EU and the US could resume trade talks before the US launches the next round of tariffs, boosting equities to fresh multi-month highs.
The EUR/USD has settled below 1.1700, getting comfortable in a higher range but not going anywhere fast. There is a reason why it is stuck there, yet a break can send it shooting higher.
The Technical Confluences Indicator shows that the EUR/USD is stuck around the 1.1680 which is the dense cluster of levels including the Simple Moving Average 100-one-hour, the Fibonacci 61.8% one-day, the Fibonacci 23.6% one-week, the SMA 50-15m, the SMA 10-one-hour, the Bolinger Band one-hour Middle, the SMA 5-one-day, and the SMA 100-one-day.
Looking up, weak resistance awaits at 1.1728 where we see the Pivot Point one-week Resistance 1, the Bolinger Band one- day Upper, and the one-day high.
The next upside target is 1.1795 where we see the Pivot Point one-month Resistance 1.
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