EUR/USD Testing Resistance on 100 SMA

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EUR/USD 1 hour

EUR/USD 1 hour

The euro has managed to get a break from the dollar’s advances thanks to the disappointing NFP report on Friday. But how high can it go?

On the hourly chart, it looks like the bulls’ resilience is already being tested as the pair trades around the 100 SMA. If there is enough bullish momentum and EUR/USD manages to close above Friday’s high around 1.3450, we may just see an upside break of the bullish flag.

However, if the ECB statement comes off as dovish this week, be ready to see more downside on EUR/USD!