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EUR/USD Price Action: Euro sinks to seven-week lows post ECB

FX Street
Updated:
  • EUR/USD is under selling pressure below the 1.1063 resistance.
  • The level to beat for sellers is the 1.1035 support. 
 

EUR/USD daily chart 

 
EUR/USD is trading in a weak downtrend below the main simple moving averages (SMAs). Additionally, the spot is also breaking down from an ascending channel which started in October 2019. The bull flag from December 2019 failed. EUR/USD created a head-and-shoulders formation which is weighing on the euro and so is the ECB press conference.
 

EUR/USD four-hour chart

 
The market is trading in a bear channel below the main SMAs. The spot is challenging the 1.1035 support; if the sellers break below this level, EUR/USD could continue to drift down towards the 1.1000 and 1.0971 levels, according to the Technical Confluences Indicator. 
  

Additional key levels 

 

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