EUR/USD Technical Analysis: Remains bearish below the resistance line at 1.1114

• Despite Wednesday’s test of the 1.0980 region, EUR/USD remains broadly within a consolidative mood above the 1.10 handle.
• The ECB event later today will be key in determining the near/medium term price action of spot. On the upside, initial hurdle emerges at last week’s top at 1.1085 ahead of the resistance line at 1.1114.
• Above the latter, the downside pressure should subside somewhat and allow for a move higher to the more relevant 1.1146/63 band, where coincide the 55-day SMA and late August top.
• Looking south, Wednesday’s low at 1.0985 should offer interim resistance in case sellers regain the upper hand ahead of another test of the 2019 low at 1.0926.

EUR/USD daily chart