EUR/USD Technical Analysis: Upside remains capped by the 1.1100 area
|- EUR/USD has once again met a tough hurdle near 1.1100.
- A break below the 55-day SMA should reassert the offered bias.
Despite the recent loss of momentum, EUR/USD stays firm and continues to track the developments from the US-China trade front.
The immediate target emerges at the 1.1090/1.1100 region, where converge October and November tops. A breakout of this area of resistance should allow for a potential test of the critical 200-day SMA, today at 1.1159.
However, If sellers regain control of the market (not favoured in the very near-term), initial contention is seen around 1.1040, where is located the 55-day SMA. Below this area, the downside pressure is expected to prevail.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.