EUR/USD technical analysis: Fiber enters the New York session below the 1.1200 handle

 

 

EUR/USD is keeping the range theme intact for the seventh consecutive days. On the daily time-frame, the common currency is capped by the 1.1220/55 resistances as well as the 50/100-day simple moving averages (DSMAs). 

 

 

EUR/USD is ranging between the 1.1255 resistance and the 1.1160 support while the market is trading below a downward sloping 200 SMA and below a rising 50 SMA. Bears will need to break below the 1.1173 support and most importantly below 1.1160 to confirm a bearish bias in the medium term. 

  

 

 

The market is trading below its main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at 1.1200 and 1.1220, according to the Technical Confluences Indicator.