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11 Oct 2019
EUR/USD technical analysis: Euro pressuring October highs ahead of Michigan Consumer Sentiment Index
- EUR/USD is pressuring the daily highs near 1.1062 in the New York session.
- Risk-on market mood and Brexit optimism are benefiting EUR/USD.
- The Michigan Consumer Sentiment Index for October is scheduled at 14:00 GMT.
EUR/USD daily chart
On the daily chart, the shared currency is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). The market is breaking above a multi-week trendline and the 50 SMA. On the macroeconomic front, next in line is the Michigan Consumer Sentiment Index for October at 14:00 GMT.
EUR/USD four-hour chart
The market is trading above its main SMAs, suggesting bullish momentum in the medium term. EUR/USD is nearing the 1.1076 resistance as bulls are in control. Further up lie the 1.0972 resistance, according to the Technical Confluences Indicator, which is near the September highs.
EUR/USD 30-minute chart
The Euro is trading above its main SMAs, suggesting bullish momentum in the near term. Support can be seen at the 1.1025/07 zone and 1.0972 price level.
Additional key levels