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EUR/USD finds resistance at 1.1250

FXStreet (Córdoba) - The rally of the EUR/USD pair from 1.1145 found resistance slightly below 1.1250. It peaked at 1.1247, the highest level since Thursday and then pulled back modestly.

Currently is consolidating daily gains as it trades at 1.1225/30 up 0.35% for the day. The euro is among the top performers in the currency market on Monday while stocks in Wall Street tumble. The Dow Jones was losing 1.57% and the Nasdaq was falling 2.64%.

EUR/USD technical outlook

The rally of EUR/USD was capped by 1.1235/45, where the daily 20-SMA currently stands. A break and a consolidation on top of 1.1250 could trigger a bullish rally; while it remains below the short term perspective will continue to favor lateral movements between 1.1100 and 1.1240. Under 1.1100 the pair could become under pressure, increasing the odds of a decline toward 1.1015/30 (Aug 18, 19 low).

The pair is about to September practically unchanged, showing a continuation in the medium term consolidation, after falling sharply during the second half of 2014. If during the next two days it manages to rise modestly, it would post the highest monthly close since January.

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