EUR/USD pulling down from 1.1825, approaches session lows at 1.1800


  • EUR/USD pares Friday's gains and retreats to 1.1800 area.
  • The euro under pressure on concerns about COVID-19 impact in Europe.
  • EUR/USD: Breach of 1.1770 support might accelerate downtrend.

The euro remains under pressure with the US dollar appreciating across the board on Monday. The tame recovery attempt session the early US session has been capped at 1.1825 and the pair retreats again, approaching to levels near 1.1800.

Concerns about the COVID-19 spread in Europe hurt the euro

The common currency is on track to a 0.4% decline on Monday, with the investors spooked by the impact of the second coronavirus wave in Europe. France has acknowledged that the pandemic is “out of control” after hitting more than 52,000 new cases and Spain and Italy have introduced curfews and tighter restrictions in an attempt to curb the sharp rise of contagions.

On the macroeconomic front, the German Business Climate has increased negative pressure on the euro. The sharper than expected deterioration in its benchmark IFO Index, which declined in October for the first time in the last six months suggests the growing concerns about the impact of the pandemic on an incipient recovery.

EUR/USD: A break below 1.1770 will accelerate the decline

The risk on the euro is skewed to the downside, according to Valeria Bednarik, Chief Analyst at FXStreet, who points out to key support at 1.1770: “The 4-hour chart shows that the pair is developing below a mildly bearish 20 SMA, although above the 100 and 200 SMA. Technical indicators, in the meantime, have limited directional strength, but hold within negative territory (…) The EUR/USD pair has an immediate support level at 1.1770, the level to break to put the pair in the bearish path.”

Technical levels to watch

EUR/USD

Overview
Today last price 1.1809
Today Daily Change -0.0053
Today Daily Change % -0.45
Today daily open 1.1862
 
Trends
Daily SMA20 1.1766
Daily SMA50 1.1798
Daily SMA100 1.1633
Daily SMA200 1.1299
 
Levels
Previous Daily High 1.1865
Previous Daily Low 1.1787
Previous Weekly High 1.1881
Previous Weekly Low 1.1703
Previous Monthly High 1.2011
Previous Monthly Low 1.1612
Daily Fibonacci 38.2% 1.1835
Daily Fibonacci 61.8% 1.1817
Daily Pivot Point S1 1.1811
Daily Pivot Point S2 1.176
Daily Pivot Point S3 1.1733
Daily Pivot Point R1 1.1889
Daily Pivot Point R2 1.1916
Daily Pivot Point R3 1.1967

 

 

 

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