EUR/USD technical analysis: Euro grinding above 1.0935 support level

 

 

 

 

The common currency, on the daily chart, is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier in the New York session, the Nondefense Capital Goods Orders Excluding Aircraft (August) in the United States, came in below expectations at -0.2 vs. 0% while the Core Personal Consumption Expenditure YoY came in line with expectations at 1.8% in August. 

 

 

 

 

 

 

EUR/USD broke above the 1.0935 resistance after the data in the United States disappointed. Looking up, the next main resistance is the 1.0980 level. Downward pressure could find support support at the 1.0935 and 1.0914 price levels. On the other hand, a break of the 1.0914 level can lead to 1.0890. 

 

 

 

 

 

EUR/USD is trading between the 100 and 200 SMAs, suggesting a correction up in the near term. The market is still vulnerable to the downside and a move down is likely. However, it remains to be seen if the market can surpass the 1.0935/1.0914 support zone next week. 

 

The level to beat for bulls is the 1.0980 followed by 1.1014/1.1030 resistance zone, according to the Technical Confluences Indicator.