EUR/USD Hesitates

EUR/USD has been caught in a consolidation period as price is struggling to break out of the range bound trading between 1.1260 and 1.1120. It's interesting to observe that the pair has managed to stay inside the trading channel currently at the upper trendline.

The EUR/USD made a high of 1.1289 as it hinted that a break out of the channel was probable. However, USD bulls took control and pushed the price down to a low of 1.1115.

Currently, the pair is trading at 1.1155, slightly higher than the intraday low of 1.1140.

Major bear target is seen at the 200SMA at 1.08217 while major bull target is a break and a close above the resistance line at 1.13.

Chart: EUR/USD D1