EUR/USD dipped on morning trading session to 1.1976 flirting with 10-EMA (1.1980) successfully with a re-bounce after four consolidation sessions last week. The pair received a positive Retail Sales in Eurozone at 1.5%, while expectations were at 1.4% which should keep EUR bulls in action. On the other hand, the U.S. dollar is showing signs of recovery after surging to $92.02 high today adding more pressure on EUR/USD. Currently, the pair is trading 1.2002 intraday.
With absence of strong fundamentals today, eyes will be shifted towards FOMC members as they cross wires this afternoon.
EUR/USD Technical Overview:
Closing price: 1.2041
Target price: 1.2100
Resistance levels: 1.2065, 1.2100, 1.2150
Support levels: 1.2000 , 1.1980 (10-EMA) , 1.1900
Trend: Sideways / Up
Trend reversal price: 1.1945
Comment: The short-term trend is up and pressing rallies give bull signals for a run to 1.2100+. A close over 1.2150 is bullish. A roll off from last week's congestion alerts for 2-4 days of retracements/defensive congestion. However, only a close under 1.1945 marks a short-term reversing downturn.