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EUR/USD: Comfortable at lows

The EUR/USD pair has spent the first half of the day consolidating around 1.0950, a handful of pips above this year low at 1.094. Valeria Bednarik, a Chief Analyst at FXStreet, maintains her bearish stance for the cross.

Key quotes

“The EUR/USD pair has spent the first half of the day consolidating around 1.0950, a handful of pips above this year low at 1.0941.” 

“Market players are unwilling to buy the shared currency, despite a better-than-anticipated report. The February Sentix Investor Confidence index for the EU came in at 5.2, surpassing the expected 4, although below the previous 7.6.” 

“The 20 SMA heads firmly lower above the current price at around 1.0975, while the larger ones also gain bearish traction above the shorter one.” 

“Further declines are to be expected as long as the pair remains below 1.0980, with scope to test 2019 low at 1.0878.”

 

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