Europe’s shared currency eked out a marginal gain of +0.1% versus its US counterpart last week, marking a fourth straight week in positive territory for the major currency pair.
This will be a watched market ahead of Wednesday’s US CPI print, with technicals suggesting a move higher in EUR/USD from short-term support. Long-term picture There is little change evident on the monthly scale; buyers and sellers continue to square off just north of support coming in at $1.0516. Overhead, the 50-month simple moving average calls for attention at $1.1122, closely shadowed by a layer of resistance at $1.1233.
0739, buyers appear to be at the wheel for now . While Quasimodo resistance at $1.0802 could ‘throw a spanner in the works’ for further upside this week, anymeaningfulpush higher may take aim as far north as daily resistance between $1.0883 and $1.0864. Short-term picture As far as the shorter-term picture goes, H1 resistance appears limited/weakened between the current price and the $1.08 big figure, which happens to coincide closely with daily resistance highlighted above at $1.0802.
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