EUR/USD Technical Analysis: Euro easing from daily highs, trading sub-1.1020 level

 

 

 

On the daily chart, the fiber is trading in a bear trend below the main daily simple moving averages (DMAs). This Tuesday, the market is rejecting the 1.1020 resistance in the New York session.  

 

 

The market is consolidating the recent losses just above the November low while remaining under bearish pressure below the 1.1020 resistance and its main SMAs. The critical support to break for bears is likely located near the 1.0996 level close to the current monthly low. If bears gather enough strength and break this level on the way down, the market could decline towards the 1.0969 and 1.0910 price levels, according to the Technical Confluences Indicator.

 

 

EUR/USD is trading in a tight trading while having rejected the 1.1020 resistance and the 50 SMA at the start of the New York session. A daily close beyond the 1.1035/1.1049 resistance zone could challenge the validity of the bear case in the near term.