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EUR/USD closing in on 1.1050

I have looked closely at the short and long-term chart of the EUR/USD before writing this update and I can see no reason why 1.1050 should hold any immediate resistance, but even since last week it has been a level that has seemed rather sticky. The previous daily high was set on Friday at 1.1040 but it was surpassed yesterday and the EUR/USD closed at it best level since July 24 last night, when ending the US session at 1.1042. The range seen so far today has been covered by 1.1029 to 1.1049 and it is pretty much on that high as I write. I noted earlier on the dollar index (USDX), how that 101.42 was holding on for the time being and it could be that which has stopped the Euro from advancing at a faster pace than it has since this time yesterday morning. It looks like a break above 1.1050 and potentially below 101.42 could coincide with each other, but we shall have to see which side gives way to the other I guess. Beyond 1.1050 the next level of technical importance is now at 1.1081. The EUR/USD is currently trading at 1.1048 
 

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