Feb 5, 2020
EUR/USD New York Price Forecast: Euro under pressure, challenging 1.1016 support
- EUR/USD weakness is likely to continue for the remainder of the New York session.
- The level to beat for sellers is the 1.1016 support.
EUR/USD daily chart
The euro is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot rejected an ascending trendline from October 2019. EUR/USD remains weak below the 200 SMA/1.1100 zone as it is probably set to enter a triangle consolidation in the near future.
EUR/USD four-hour chart
EUR/USD is trading in a bear channel below the main SMAs while challenging the 1.1016 support. As the euro remains on the backfoot, a break below the above-mentioned level is likely to lead to further weakness towards the 1.0993 and 1.0959 levels, according to the Technical Confluences Indicator. Resistances are seen near the 1.1051, 1.1085 and 1.1100 levels.
Resistance: 1.1051, 1.1085, 1.1100
Support: 1.1016, 1.0993, 1.0959
Additional key levels