EUR/USD technical analysis: Fiber corrects higher near 1.1100 level

 |  16/08/2019 16:24
  • EUR/USD is bouncing from the daily lows to the 1.1100 level. 
  • The level to beat for bears is the 1.1092 support. 
 
 

EUR/USD daily chart

 
On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The recent data in the US has kept the buck supported. Inflation and the Retail Sales Control Group were positive. Additionally, easing US-China trade tensions also support the Greenback. On the other hand, on Thursday ECB member Olli Rehn said the ECB stimulus package might overshoot expectations in September. The dovish comment was seen as bearish for EUR.

EUR/USD 4-hour chart

 
The Euro is trading below 1.1120 resistance and its main SMAs, suggesting a bearish bias in the medium term. Bears need a break below 1.1074 to reach the 1.1062 and 1.1039 levels.
 

EUR/USD 30-minute chart

 
The market is correcting the current Friday’s slide as it challenges the 50 SMA. Bears will need to reclaim the 1.1092 support. Immediate resistances are seen at the 1.1120 and 1.1135 levels, according to the Technical Confluences Indicator. 
  

Additional key levels

 

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