News

EUR/USD Price Analysis: Euro rolling into Asia below the 1.1100 level

  • EUR/USD remains under pressure below the 1.1121 resistance.
  • The level to beat for bears is the 1.1070 support. 
 

EUR/USD daily chart 

 
The euro is trading in a weak downtrend below the 200-day simple moving average (SMA). However, the spot is trading in an ascending channel which started in October 2019. The spot is also within a bull flag since late December 2019. EUR/USD created a head-and-shoulders pattern and a break above the right shoulder near 1.1175 and the 200 SMA could be seen as a bullish continuation. However, since the market has been so two-sided in the last months of trading it is more probable that breakouts in either direction will not run very far.  
 

EUR/USD four-hour chart

 
As the market is trading below the main SMAs the underlying bias remains bearish. Sellers are looking for a clear breakdown below the 1.1070 support and a potential drop to the 1.1030 level. Resistances are seen near the 1.1098, 1.1121 and 1.1155 levels, according to the Technical Confluences Indicator
 
 

Additional key levels 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.