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Forex News

Euro trading in 5-day’s lows near 1.0850 level

  • EUR/USD is pulling back down from last week’s highs.
  • EUR/USD broke below the 1.0900 figure as bears remain in control.

 

EUR/USD daily chart 

 

EUR/USD is easing down from last week’s highs as the spot broke below the 1.0900 figure while trading below the main DMA (daily simple moving average) as DXY (US dollar index) is gaining steam.

 

EUR/USD four-hour chart

 

EUR/USD is trading down, challenging the 1.0839 support while trading below its main SMAs on the four-hour chart suggesting negative momentum in the medium term. Bears are looking for a break below the 1.0839 level which could introduce scope for further euro weakness towards the 1.0800 and 1.0760 levels on the way down while resistance might emerge near the 1.0884, 1.0900 and 1.0970 levels, according to the Technical Confluences Indicator. 

 

 

Resistance: 1.0884, 1.0900, 1.0970

Support: 1.0839, 1.0800, 1.0760

 

 

Additional key levels

 

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