EUR/USD Price Analysis: Euro nearing 2020 lows, approaching 1.0800 figure

EUR/USD is dropping on broad-based USD strength.
EUR/USD is nearing the 2020 low currently located at the 1.0777 level.

Flavio Tosti Independent Analyst

EUR/USD daily chart

EUR/USD is approaching the 2020 low at 1.0777 while trading below its main SMAs. DXY (US dollar index) is soaring while pushing EUR/USD down while recording, on Tuesday, its largest daily decline since June 2018.

EUR/USD four-hour chart

EUR/USD broke strongly to the downside now trading just below the 1.0852 resistance and the main SMAs. As bears remain in control the market can decline further towards the 1.0784, 1.0716 and 1.0650 price levels, according to the Technical Confluences Indicator. Resistance can be seen near the 1.0852, 1.0900 and 1.0970 levels.

Resistance: 1.0852, 1.0900, 1.0970

Support: 1.0784, 1.0716, 1.0650

Additional key levels

EUR/USD

Overview
Today last price	1.0849
Today Daily Change	-0.0149
Today Daily Change %	-1.35
Today daily open	1.0998

Trends
Daily SMA20	1.1078
Daily SMA50	1.1042
Daily SMA100	1.1069
Daily SMA200	1.1098

Levels
Previous Daily High	1.1189
Previous Daily Low	1.0955
Previous Weekly High	1.1497
Previous Weekly Low	1.1055
Previous Monthly High	1.1089
Previous Monthly Low	1.0778
Daily Fibonacci 38.2%	1.1044
Daily Fibonacci 61.8%	1.11
Daily Pivot Point S1	1.0905
Daily Pivot Point S2	1.0813
Daily Pivot Point S3	1.0671
Daily Pivot Point R1	1.114
Daily Pivot Point R2	1.1282
Daily Pivot Point R3	1.1374

Author

Flavio Tosti

Independent Analyst

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold battles to retain the positive momentum

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.