EUR/USD technical analysis: The 1.1180 resistance is being put to the test ahead of Michigan Consumer Sentiment Index

• The Michigan Consumer Sentiment Index for May is expected to come out at 97.5. It is scheduled for 14:00 GMT.
• EUR/USD is testing the daily highs, will the US data provide another leg down or will bulls bring the market above 1.1180 resistance? Stay tuned.

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 below its main SMAs suggesting a bearish bias in the near term. 

EUR/USD 30-minute chart

The market is trading below its main SMAs suggesting a bearish bias in the short term. The market challenged the 1.1160 support but found no acceptance so far. A break below this level is necessary to reach 1.1140 and 1.1110 to the downside. A break above 1.1180 would probably see the currency pair re-entering the range we saw in the last weeks of trading. Resistance is at 1.1200 and 1.1220 level.

Additional key levels