- EUR/USD stays under bearish pressure near 34-month lows.
- The level to beat for sellers is the 1.0800 support on a daily basis.
- A correction up cannot be ruled out.
EUR/USD daily chart
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the market remains under selling pressure near 34-month lows. The market is consolidating losses for the third day in a row.
EUR/USD four-hour chart
The euro broke below a descending channel while trading below the main SMAs on the four-hour chart. The market is consolidating losses in what most analysts consider oversold condition. The trend remains intact for now and a daily break below the 1.0800 figure can attract further selling towards the 1.0747 and 1.0660 levels. However, as the market is overstretched, a correction up cannot be ruled out. Resistance is seen at 1.0840 and more importantly at 1.0882. Further up lies the 1.0927 level, according to the Technical Confluences Indicator.
Resistance: 1.0840, 1.0882, 1.0927
Support: 1.0800, 1.0747, 1.0660
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD stalls ahead of Reserve Bank of Australia’s decision
The Australian Dollar registered minuscule gains compared to the US Dollar as traders braced for the Reserve Bank of Australia monetary policy meeting. A scarce economic docket in the United States and a bank holiday in the UK were the main drivers behind the “anemic” AUD/USD price action. The pair trades around 0.6624.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold rises as US job slowdown dampens Treasury yields
Gold price rallied close to 1% on Monday, late in the North American session, bolstered by an improvement in risk appetite due to increased bets that the US Federal Reserve might begin to ease policy sooner than foreseen. The XAU/USD trades at around $2,320 after bouncing off daily lows of $2,291.
Ethereum traders show uncertainty following huge whale sale, Robinhood Crypto Wells notice
Ethereum holdings on centralized exchanges continue to decline despite recent whale sales. With Robinhood Crypto as the latest recipient of the SEC's Wells notice, Ethereum spot ETFs look more unlikely.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.