EUR/USD price analysis: Euro reluctantly moving up towards 1.1103 resistance

 

 

On the daily chart, EUR/USD is trading in a bear trend below its 200-day simple moving average (DMA). However, this week, the market has risen above the 50 and 100 DMAs.

 

 

EUR/USD is grinding up while nearing the 1.1103 resistance. Although the market is slow and seems reluctant to move higher, the bulls remain for the moment in control. A break of 1.1103 is necessary for the market to continue its upward trajectory towards 1.1138 and 1.1161/78 resistance zone, according to the Technical Confluences Indicator.   

     

 

The euro continues to lean to the upside while trading above its main SMAs. Support can be seen at the 1.1063, 1.1040 and 1.1011 price levels, according to the Technical Confluences Indicator.