EUR/USD consolidates above 1.1100 ahead of US data
The pair's rise was supported by dovish expectations that the Fed may soon pivot its policy. Last week's Unemployment Claims Report in the United States will be released tonight.
EUR/USD retreated from the intraday high at 1.1122, after successfully testing key resistance at 1.1000. Upward momentum remains strong and solid even though technical indicators are in overbought territory in most time frames.
On the H4 frame, the main trend is still up, but technical indicators show that the price will adjust to the 1.1110-1.1080 range. Immediate support to watch is 1.1050, with the next target being the 20 MA at 1.1030. Breaking through support at 1.0980, the general short-term trend will gradually change to neutral as buyers can increase their positions and weaken the downward momentum.
EUR/USD retreated from the intraday high at 1.1122, after successfully testing key resistance at 1.1000. Upward momentum remains strong and solid even though technical indicators are in overbought territory in most time frames.
On the H4 frame, the main trend is still up, but technical indicators show that the price will adjust to the 1.1110-1.1080 range. Immediate support to watch is 1.1050, with the next target being the 20 MA at 1.1030. Breaking through support at 1.0980, the general short-term trend will gradually change to neutral as buyers can increase their positions and weaken the downward momentum.
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