Jan 24, 2020
EUR/USD Price Analysis: Euro vulnerable at two-month lows, eyeing the 1.1000 figure
- EUR/USD remains under selling pressure below the 1.1068 resistance.
- The level to beat for bears is the 1.1039 support.
EUR/USD daily chart
EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs)as the spot is breaking to the downside from a bullish trendline which started in October 2019. EUR/USD created a head-and-shoulders formation which is putting the market under pressure.
EUR/USD four-hour chart
The spot is trading in a bear channel below the main SMAs as the sellers are pressuring the 1.1039 support. A break below this level can lead to a decline towards the 1.1000 and 1.0976 and 1.0953 levels, according to the Technical Confluences Indicator.
Additional key levels