EUR/USD technical analysis: Euro consolidating near 1.1200 after knee-jerk reaction on Trump comment

• Earlier on Wednesday, it has been reported that US President Trump was planning to delay tariffs on European car imports for six months. EUR/USD jumped to the 1.1223 level on the comment.
• EUR/USD remains stuck near the notorious 1.1200 figure with a bearish bias. 

EUR/USD daily chart

EUR/USD is trading in a bear trend below its main simple moving averages (SMAs). 

EUR/USD 4-hour chart

EUR/USD is trading near 1.1200 while below its 200 SMA.

EUR/USD 30-minute chart

The market is trading below the 100 and 200 SMAs suggesting a bearish bias in the short term. The market is currently in the process of erasing the sudden bull spike. If sellers can to break below 1.1200 the next support is likely seen at 1.1180 price level followed by 1.1140 level. Resistance is at 1.1220 and 1.1245 levels.

Additional key levels