Sep 21, 2019
EUR/USD technical analysis: Euro ends the week below the 1.1023 level
- EUR/USD ends the week in the lower part of its range but struggle to generate any meaningful breakdown.
- The level to beat for bears is the 1.1000 handle.
EUR/USD daily chart
The common currency, on the daily chart, is trading in a bear trend below its main daily simple moving averages (DSMAs). The Euro ends the week stuck in a two-week trading range as investors are waiting for the next catalysts. There will be a plethora of news announcements next week, including the Gross Domestic Product in the United States. Therefore, there is potential for volatility and the current range may get broken.
EUR/USD four-hour chart
EUR/USD is trading below its primary SMAs, suggesting a bearish bias in the medium term. The Euro has been ranging for most of the week. However, bears will probably try to break the 1.1000 handle to potentially reach 1.0965 and 1.0930 support level near the 2019 low, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
Bears will try to keep the market contained below 1.1023 resistance. However, if the bulls push through it, 1.1045 can come into play, but this is likely a weak resistance which will be easily be overcome opening the way to 1.1074 resistance, according to the Technical Confluences Indicator.
Additional key levels