EUR/USD Technical Analysis: A test of the 1.1080 region looks unlikely near term

EUR/USD has already entered the pre-ECB lull, trading in a consolidative fashion around the 1.1040/50 area.
Nothing is expected to happen before the ECB event on Thursday. On a dovish surprise, spot is seen returning to sub-1.10 region and testing YTD lows near 1.0920.
On the other hand, a potential disappointment from the ECB could see the pair testing last week’s tops in the 1.1080 region and paving the way for a probable challenge to the resistance line at 1.1122 ahead of late August peaks around 1.1160.

Pablo Piovano FXStreet

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1042
Today Daily Change	23
Today Daily Change %	-0.05
Today daily open	1.1047

Trends
Daily SMA20	1.107
Daily SMA50	1.1148
Daily SMA100	1.1189
Daily SMA200	1.1268

Levels
Previous Daily High	1.1068
Previous Daily Low	1.1016
Previous Weekly High	1.1085
Previous Weekly Low	1.0926
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1048
Daily Fibonacci 61.8%	1.1036
Daily Pivot Point S1	1.1019
Daily Pivot Point S2	1.0991
Daily Pivot Point S3	1.0967
Daily Pivot Point R1	1.1072
Daily Pivot Point R2	1.1096
Daily Pivot Point R3	1.1124

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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