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Euro vulnerable at two-month lows, eyeing the 1.1000 figure

  • EUR/USD remains under selling pressure below the 1.1068 resistance.
  • The level to beat for bears is the 1.1039 support. 

 

EUR/USD daily chart 

 

EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs)as the spot is breaking to the downside from a bullish trendline which started in October 2019. EUR/USD created a head-and-shoulders formation which is putting the market under pressure. 

 

EUR/USD four-hour chart

 

The spot is trading in a bear channel below the main SMAs as the sellers are pressuring the 1.1039 support. A break below this level can lead to a decline towards the 1.1000 and 1.0976 and 1.0953 levels, according to the Technical Confluences Indicator. 

  

Additional key levels 

 

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