- EUR/USD is declining sharply from the October highs, now trading at its lowest in seven trading sessions.
- The risk-on mood sparked by hopes of a US-China trade agreement is boosting the American currency.
- The ISM Non-Manufacturing PMI rebounded to 54.7 vs 53.5 expected, adding another boost to DXY.
- The level to beat for bears is the 1.1072 swing low.
EUR/USD daily chart
On the daily chart, the Fiber is trading in a bear trend below the 100 and 200-day simple moving average (DMA).
This Monday, hopes of a US-China trade deal boosted the Greenback, later on, the ISM Non-Manufacturing PMI rose to 54.7 vs 53.5 forecast by analysts, giving another push up to USD.
The Fiber is recording its worst daily decline since late September as it fell to 1.1063, its lowest in three weeks.
EUR/USD four-hour chart
The Euro is challenging the 1.1072 swing low while trading below the 50 and 100 SMAs on the four-hour chart. A daily break below the level is likely to open the doors to more weakness towards the 1.1043, 1.1020 and 1.0997 price levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading near seven-day lows below its main SMAs, suggesting bearish momentum in the near term. Pullbacks are likely to be limited by resistances at 1.1089 and 1.1112 levels. Further up lie 1.1129 and 1.1147 resistance levels, according to the Technical Confluences Indicator.
Additional key levels
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