Feb 20, 2020
EUR/USD Asia Price Forecast: Euro under heavy selling pressure near multi-year lows
- EUR/USD remains under heavy bearish pressure near 34-month lows.
- The level to beat for sellers is the 1.0772 support.
EUR/USD daily chart
EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is under heavy selling pressure near 34-month lows. The euro is about to end the day near its low tick.
EUR/USD four-hour chart
EUR/USD broke below a bear channel while trading well below its main SMAs on the four-hour chart. This Thursday, the spot remained under heavy pressure near 34-month lows as EUR/USD stays vulnerable below the 1.0772 level. Sellers can target the 1.0750 and 1.0660 levels on the way down. On the flip side, buyers want to regain the 1.0800 level to trade towards a more solid resistance near the 1.0885 level, according to the Technical Confluences Indicator.
Resistance: 1.0800, 1.0828, 1.0885
Support: 1.0772, 1.0750, 1.0660
Additional key levels