News

EUR/USD technical analysis: Euro printing fresh weekly lows and breaking below the 1.1052 level

|ByFlavio Tosti

  • EUR/USD is under heavy pressure after the release of the US Gross Domestic Product.
  • Earlier, the Fiber had a bullish spike which covered the whole daily range after comments from ECB's Knot.
  • The level to beat for bears is the 1.1052 support followed by the 1.1033 level.
 
 

EUR/USD daily chart

 
On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier in the New York session, the US Gross Domestic Product Annualized (GDP) came in line with expectations at 2% in the second quarter. In the London session, the German inflation in August (YoY) came below expectations at 1% vs. 1.2% forecast by analysts. 

EUR/USD 4-hour chart

 
The Euro is under bearish pressure below the main SMAs as the market is printing new weekly lows. The spot is breaking below the 1.1052 support, which is leaving the door open for a potential move down towards 1.1033 and 1.1016 levels, according to the Technical Confluences Indicator.
  
  

EUR/USD 30-minute chart

 
EUR/USD is trading below the main SMAs, suggesting a bearish momentum in the near term. Immediate resistances are seen at 1.1080, 1.1098 and 1.1117 levels, according to the Technical Confluences Indicator. Earlier in the New York session, the Fiber had a bullish spike which spanned the whole daily range only to be retraced minutes after. ECB's Knot said there was "no need to resume a Quantitative Easing program" and "the ECB's September meeting exactions are overdone."

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.