FxWirePro: Copper finds stiff resistance at 110-EMA, upside only on break above

Copper chart on Trading View used for analysis 

• Copper has pared gains and is currently trading at 2.781 after hitting highs of 2.792.
   
• The pair finds stiff resistance at 110-EMA at 2.795, break above to see further upside.
   
• Copper edged up on Monday after U.S. President Donald Trump said he may not impose more tariffs on Chinese goods.
   
• Gains were capped amid tensions between the two major economies at a regional summit.
   
• At the Asia-Pacific Economic Cooperation summit on Sunday, both nations failed to agree on a communique for the first time in their history.
   
• Break above 110-EMA will take the pair higher to test 200-DMA at 2.921. While rejection at 110-EMA could see dip till 2.665 levels.

Support levels - 2.740 (5-DMA), 2.710 (cloud base)

Resistance levels - 2.795 (110-EMA), 2.869 (Sept 21 high), 2.921 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.