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  • EUR/USD lost some ground during the ECB press conference this Thursday.  
  • The level to beat for bears is the 1.1105/1.1092 support zone.

EUR/USD daily chart

On the daily chart, the single currency is trading in a bear trend below its 100 and 200-day simple moving averages (DMAs). This Thursday, Mario Draghi presided its last European Central Bank (ECB) meeting. As expected, there was no change in monetary policy but Draghi remained dovish, sending EUR/USD to 1.1100.  

EUR/USD four-hour chart

The Euro, on the four-hour chart, is trading above the 100 and 200 SMAs.However, the market is pulling back down, challenging the 50 SMA. In order to extend the correction, bears need to break below the 1.1105/1.1092 support zone on a daily basis. A break below this area could see the 1.1090 and 1.1065 price levels becoming new targets, according to the Technical Confluences Indicator.  

EUR/USD 30-minute chart

The Euro is trading below its main SMAs on the 30-minute chart, suggesting bearish momentum in the near term. Resistance can be seen at the 1.1120 and 1.1135 price level. Those resistances might be revisited on Friday.  

Additional key levels