Feb 5, 2020
EUR/USD Price Analysis: Euro trading near three-month lows, challenging 1.1000 figure
- Broad-based USD strength is pushing the EUR/USD down near three-month lows.
- The level to beat for sellers is the 1.0930 support.
EUR/USD daily chart
EUR/USD is trading in a weak bear trend below the main simple moving averages (SMAs) as the spot rejected a bullish trendline from October 2019. The euro stays weak below its 200 SMA/1.1100 zone.
EUR/USD four-hour chart
EUR/USD is trading in a downward channel below its main SMAs while challenging the 1.0993 support. As the euro remains fragile, a break below the above-mentioned level is likely to lead to further weakness towards the 1.0959 and 1.0930 levels, according to the Technical Confluences Indicator. Resistances are seen near the 1.1016, 1.1051 and 1.1085 levels.
Resistance: 1.1016 1.1051, 1.1085
Support: 1.0993, 1.0959, 1.0930
Additional key levels