Mar 18, 2020
EUR/USD Price Analysis: Euro nearing 2020 lows, trading sub-1.0900 figure
- EUR/USD is dropping on broad-based USD strength.
- EUR/USD is nearing the 2020 low currently located at the 1.0777 level.
EUR/USD daily chart
EUR/USD is approaching the 2020 low at 1.0777 while trading below its main SMAs. DXY (US dollar index) is soaring while pushing EUR/USD down while recording, on Tuesday, its largest daily decline since June 2018.
EUR/USD four-hour chart
EUR/USD broke strongly to the downside now trading just below the 1.0852 resistance and the main SMAs. As bears remain in control the market can decline further towards the 1.0784, 1.0716 and 1.0650 price levels, according to the Technical Confluences Indicator. Resistance can be seen near the 1.0852, 1.0900 and 1.0970 levels.
Resistance: 1.0852, 1.0900, 1.0970
Support: 1.0784, 1.0716, 1.0650
Additional key levels