The EUR/USD pair is barely holding above 1.1100, and the weekly chat shows that despite the spike, it was unable to extend gains beyond the 100 and 200 SMA, both converging around 1.1320, according to Valeria Bednarik from FXStreet. 

Key quotes 

“Technical indicators turned sharply lower, losing their bullish strength and poised to challenge their midlines, a sign that the market is not ready to trigger a sustainable bullish trend.”

“The EUR/USD pair seems comfortable above moving averages, with the 20 SMA still advancing below the larger ones, indicating it is too early to call for a bearish extension.”  

“A shy rate cut from the Fed could boost the dollar and send the pair below the psychological 1.1000 level. Below it, 1.0920 and 1.0840 are the next bearish targets.” 

“Resistances are located at 1.1175, 1.1240 and the 1.1300 figure.”