News

EUR/USD Price Analysis: Euro under heavy selling pressure post-NFP

  • Broad-based USD strength is pushing the EUR/USD down near four-month lows.
  • The level to beat for sellers is the 1.0930 support. 
 

EUR/USD daily chart 

 
The euro is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot is hitting levels not seen since October 2019. The Non-farm payrolls reported that the US added 225K jobs vs. 160K expected.
 

EUR/USD four-hour chart

 
EUR/USD is trading in a bear channel below the main SMAs while bears are eying a break below the 1.0930 support. As the euro remains under heavy selling pressure, a break below the above-mentioned level is likely to lead to further declines towards the 1.0912 and 1.0877 levels, according to the Technical Confluences Indicator. Resistances are seen near 1.0964, 1.0980 and the 1.1000 figure.
 
Resistance: 1.0964, 1.0980, 1.1000
Support: 1.0930, 1.0912, 1.0877
 
   
 

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.