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EUR/USD technical analysis: Euro remains under pressure after ECB’s Knot-inspired spike

EUR/USD is under pressure after the release of the US Gross Domestic Product.
The market had a bullish spike which covered the entire daily range after comments from ECB's Knot.
The level to beat for sellers is the 1.1052 support followed by the 1.1033 level.

Flavio Tosti Independent Analyst

EUR/USD daily chart

On the daily time-frame, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). The US Gross Domestic Product Annualized (GDP) came in line with expectations at 2% in the second quarter. Earlier in the London session, the German inflation in August (YoY) came below expectations at 1% vs. 1.2% forecast by analysts.

EUR/USD 4-hour chart

The Fiber is under selling pressure below the main SMAs. The market is trading below the 1.1080 resistance, which is leaving the door open for a potential move down towards 1.1052, 1.1033 and 1.1016 levels, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

EUR/USD is near the weekly lows trading below the main SMAs, suggesting a bearish momentum in the near term. Immediate resistances are seen at 1.1080, 1.1098 and 1.1117 levels, according to the Technical Confluences Indicator. In the New York session, the market had a bullish spike which covered the entire daily range only to be retraced minutes after. ECB’s Knot said there was “no need to resume a Quantitative Easing program” and “the ECB’s September meeting exactions are overdone.”

Additional key levels

EUR/USD

Overview
Today last price	1.106
Today Daily Change	-0.0018
Today Daily Change %	-0.16
Today daily open	1.1078

Trends
Daily SMA20	1.1133
Daily SMA50	1.1202
Daily SMA100	1.1209
Daily SMA200	1.1281

Levels
Previous Daily High	1.11
Previous Daily Low	1.1073
Previous Weekly High	1.1154
Previous Weekly Low	1.1052
Previous Monthly High	1.1373
Previous Monthly Low	1.106
Daily Fibonacci 38.2%	1.1083
Daily Fibonacci 61.8%	1.1089
Daily Pivot Point S1	1.1067
Daily Pivot Point S2	1.1057
Daily Pivot Point S3	1.1041
Daily Pivot Point R1	1.1094
Daily Pivot Point R2	1.111
Daily Pivot Point R3	1.112

Author

Flavio Tosti

Independent Analyst

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