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EUR/USD Price Analysis: Euro starts the week on the back foot, nearing 1.1000 handle

  • EUR/USD is retracing down from last week’s highs. 
  • EUR/USD is trading sideways as investors are looking for directions.

EUR/USD daily chart 

EUR/USD is retreating down from last week’s high as the spot is approaching the 1.1100 figure and the 50 DMA (daily simple moving average as DXY is picking up some steam.

EUR/USD four-hour chart

EUR/USD is consolidating last week’s bullish adance above the 1.1000 psychological level and the 200 SMA on the four-hour chart. Bulls could remain in control above the above-mentioned levels with another potential run to the 1.1090 and 1.1150 levels in the short-term. However a daily break below the 1.1000/1.0978 support zone could attract further selling interest, according to the Technical Confluences Indicator.
Resistance: 1.1034, 1.1090, 1.1150
Support: 1.0978, 1.0900, 1.0850

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