Feb 12, 2020
EUR/USD New York Price Forecast: Is there fuel left in the euro bear tank?
- Following a drop to fresh 2020 lows and a six-day losing streak the euro is stabilizing.
- A correction up cannot be ruled out as a break of the 2019 low can be premature.
EUR/USD daily chart
The euro is trading in a weak bear trend under its main daily simple moving averages (SMAs) as the quote is bouncing from levels not seen since October 2019.
EUR/USD four-hour chart
EUR/USD broke below a descending channel while trading well below its main SMAs. Bears are in control and want to extend the losing streak towards the 1.0900, 1.0888 and 1.0849 support on the way down, according to the Technical Confluences Indicator. However, it remains to be seen if the market is ready for a plunge below the 2019 lows after the unusual spike down. If the bulls come back and regain the 1.0917/51 resistance zone the euro can have a bullish reversal towards the 1.0985 level.
Resistance: 1.0917, 1.0951, 1.0985
Support: 1.0900, 1.0883, 1.0849
Additional key levels