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EUR/USD New York Price Forecast: Euro under pressure, challenging 1.1016 support

EUR/USD weakness is likely to continue for the remainder of the New York session.
The level to beat for sellers is the 1.1016 support.

Flavio Tosti Independent Analyst

EUR/USD daily chart

The euro is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot rejected an ascending trendline from October 2019. EUR/USD remains weak below the 200 SMA/1.1100 zone as it is probably set to enter a triangle consolidation in the near future.

EUR/USD four-hour chart

EUR/USD is trading in a bear channel below the main SMAs while challenging the 1.1016 support. As the euro remains on the backfoot, a break below the above-mentioned level is likely to lead to further weakness towards the 1.0993 and 1.0959 levels, according to the Technical Confluences Indicator. Resistances are seen near the 1.1051, 1.1085 and 1.1100 levels.

Resistance: 1.1051, 1.1085, 1.1100

Support: 1.1016, 1.0993, 1.0959

Additional key levels

EUR/USD

Overview
Today last price	1.1022
Today Daily Change	-0.0022
Today Daily Change %	-0.20
Today daily open	1.1044

Trends
Daily SMA20	1.1081
Daily SMA50	1.1102
Daily SMA100	1.1072
Daily SMA200	1.1127

Levels
Previous Daily High	1.1064
Previous Daily Low	1.1033
Previous Weekly High	1.1092
Previous Weekly Low	1.0992
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.1045
Daily Fibonacci 61.8%	1.1052
Daily Pivot Point S1	1.103
Daily Pivot Point S2	1.1016
Daily Pivot Point S3	1.0999
Daily Pivot Point R1	1.1061
Daily Pivot Point R2	1.1078
Daily Pivot Point R3	1.1092

Author

Flavio Tosti

Independent Analyst

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