Mar 17, 2020
EUR/USD Asia Price Forecast: Euro records largest daily decline since June 2018
- EUR/USD is consolidating above the 1.0970 support level on broad-based USD strength.
- EUR/USD is trading at two-week’s lows while registering its largest daily drop since June 2018.
EUR/USD daily chart
The euro is trading at its lowest in two weeks while below its main SMAs. DXY (US dollar index) rose to the upside while pushing EUR/USD down recording its largest daily decline since June 2018.
EUR/USD four-hour chart
EUR/USD is consolidating Tuesday’s drop near the 1.1000 figure while just below the 200 SMA on the four-hour chart. As the sellers remain in control a break below the 1.0970 support can extend losses towards the 1.0885 and 1.0850 price levels. Resistance is seen near the 1.1016, 1.1073 and 1.1100 levels, according to the Technical Confluences Indicator.
Resistance: 1.1016, 1.1073, 1.1100
Support: 1.0970, 1.0885, 1.0850
Additional key levels