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  • EUR/USD stays under bearish pressure near 34-month lows.
  • The level to beat for sellers is the 1.0800 support on a daily basis. 
  • A correction up cannot be ruled out.
 

EUR/USD daily chart 

 
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the market remains under selling pressure near 34-month lows. The market is consolidating losses for the third day in a row. 
 

EUR/USD four-hour chart

 
The euro broke below a descending channel while trading below the main SMAs on the four-hour chart. The market is consolidating losses in what most analysts consider oversold condition. The trend remains intact for now and a daily break below the 1.0800 figure can attract further selling towards the 1.0747 and 1.0660 levels. However, as the market is overstretched, a correction up cannot be ruled out. Resistance is seen at 1.0840 and more importantly at 1.0882. Further up lies the 1.0927 level, according to the Technical Confluences Indicator. 
 
 
Resistance: 1.0840, 1.0882, 1.0927
Support: 1.0800, 1.0747, 1.0660
 

Additional key levels

 

Expert score

5

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