EUR/USD Technical Analysis: consolidation poised to continue (very) near term.

• Spot remains within familiar ranges during the first half of the week, with gains clearly capped by the 1.1720/50 band for the time being.
• A breakout of this band is a necessary condition to attempt another visit to monthly peaks in the boundaries of 1.1800 the figure ahead of June’s tops in the mid-1.1800s.
• On the downside, key contention area remains in the 1.1675/70 band, where sit the 21-day SMA and the 200-hour SMA
• A break below this area should open the door for a visit to 1.1575 ahead of 1.1530 and then the 1.1500 neighbourhood.
• Near term, spot remains neutral/bearish while below last Monday’s tops at 1.1790.

EUR/USD daily chart

Daily high: 1.1717

Daily low: 1.1654

Support Levels

S1: 1.1666

S2: 1.1641

S3: 1.1598

Resistance Levels

R1: 1.1735

R2: 1.1777

R3: 1.1803