EUR/USD broke to the downside ahead of the European Central Bank’s (ECB) meeting on Thursday.
The level to beat for bears is the 1.0991 support.
EUR/USD daily chart
On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The market is declining below the 1.1020 support ahead of the European Central Bank’s (ECB) meeting on Thursday.
EUR/USD four-hour chart
The Euro is trading below its main SMAs, suggesting bearish momentum in the medium term. The market broke to the downside following the consolidation period of the last few days. The market decline can extend towards 1.0991 and the 1.0963 support level, according to the Technical Confluences Indicator. If the bears gather enough steam, they could reach 1.0929 support which is near the 2019 low.
EUR/USD 30-minute chart
The market is under bearish pressure below its main SMAs on the 30-minute chart. Immediate resistance can be seen near 1.1012, 1.1032 price levels. Further up lies 1.1077 resistance.
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