Feb 11, 2020
EUR/USD New York Price Forecast: Weakening Euro approaching 2019 lows
- EUR/USD is nearing its lowest point where it traded in 2019.
- EUR/USD stays under heavy selling as bears are eying a break below the 1.0871 support.
EUR/USD daily chart
EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs) as the spot is sinking to levels not seen since October 2019.
EUR/USD four-hour chart
EUR/USD broke below the downward channel while below the main SMAs. Sellers are looking for a break below the 1.0871 support and target the 1.0848 and 1.0800 levels on the way down, according to the Technical Confluences Indicator. Resistances are seen near 1.0927, 1.0950 and 1.1000 figure.
Resistance: 1.0927, 1.0950, 1.1000
Support: 1.0871, 1.0848, 1.0800
Additional key levels