EUR/USD Price Action: Euro sinks to seven-week lows post ECB

EUR/USD is under selling pressure below the 1.1063 resistance.
The level to beat for sellers is the 1.1035 support.

Flavio Tosti Independent Analyst

EUR/USD daily chart

EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs). Additionally, the spot is also breaking down from an ascending channel which started in October 2019. The bull flag from December 2019 failed. EUR/USD created a head-and-shoulders formation which is weighing on the euro and so is the ECB press conference.

EUR/USD four-hour chart

The market is trading in a bear channel below the main SMAs. The spot is challenging the 1.1035 support; if the sellers break below this level, EUR/USD could continue to drift down towards the 1.1000 and 1.0971 levels, according to the Technical Confluences Indicator.

Additional key levels

EUR/USD

Overview
Today last price	1.1039
Today Daily Change	-0.0054
Today Daily Change %	-0.49
Today daily open	1.1093

Trends
Daily SMA20	1.1143
Daily SMA50	1.1103
Daily SMA100	1.1072
Daily SMA200	1.1134

Levels
Previous Daily High	1.1099
Previous Daily Low	1.107
Previous Weekly High	1.1173
Previous Weekly Low	1.1086
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1088
Daily Fibonacci 61.8%	1.1081
Daily Pivot Point S1	1.1076
Daily Pivot Point S2	1.1058
Daily Pivot Point S3	1.1047
Daily Pivot Point R1	1.1105
Daily Pivot Point R2	1.1116
Daily Pivot Point R3	1.1134

Author

Flavio Tosti

Independent Analyst

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