EUR/USD Price Analysis: Euro bulls fighting for the 1.1151 resistance

 

 

The euro challenged the 200-day simple moving average (DMA) on the first day of the week. The bulls want a daily close above the 200 DMA. However, this hasn’t happened since June this year. 

 

 

 

The market formed a head-and-shoulders pattern which can potentially be bearish. However, if the spot manages to conclusively break the 1.1151 level, the pattern is probably going to be invalidated as buyers would likely target the 1.1186 and 1.1220 levels. However, on the flip side, a break below the 1.1104 support can generate weakness towards the 1.1062 and 1.1027 price levels, according to the Technical Confluences Indicator.