Feb 3, 2020
EUR/USD Asia Price Forecast: Euro easing down after Friday’s surge
- The market is erasing parts of last Friday’s surge.
- The level to beat for sellers is the 1.1060 support.
EUR/USD daily chart
EUR/USD is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot broke below an ascending trendline. The euro last Friday bounced and tested the trendline. The spot stays weak below the 200 SMA/1.1200 zone and is likely to enter a triangle consolidation in the coming sessions.
EUR/USD four-hour chart
EUR/USD is trading in a bear channel below the 100 and 200 SMAs. The spot almost reached the 1.1100 resistance and is now easing from this swing high. As the euro remains weak, a break below the 1.1060 support can lead to a retest of 1.1033 and 1.1000 figure. On the flip side, a break above the 1.1100/1.1140 resistance zone could endanger the bearish scenario, according to the Technical Confluences Indicator.
Support: 1.1060, 1.1033, 1.1000
Resistance: 1.1080, 1.1100, 1.1140
Additional key levels