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EUR/USD New York Price Forecast: Euro kicks off the week under selling pressure

  • EUR/USD remains under heavy selling pressure below the 1.1038 resistance.
  • Targets to the downside can be located near 1.1000 and 1.0958 price levels.  
 

EUR/USD daily chart 

 
EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs) as the market is breaking below an ascending trendline which started in October 2019. EUR/USD created a head-and-shoulders formation which is driving the spot towards its lowest point in two months.
 

EUR/USD four-hour chart

 
The market is trading in a bear channel below the main SMAs as the sellers are keeping the pressure on the currency pair. The current weakness can see the spot decline towards 1.1000 and 1.0958 levels, according to the Technical Confluences Indicator. 
  

Additional key levels 

 

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