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  • Broad-based USD weakness is lifting the Euro for the second consecutive day.
  • The level to beat for bulls is at the 1.1020 resistance level.

EUR/USD daily chart

On the daily time-frame, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). On Tuesday, the US ISM Manufacturing PMI dropped to three-year low at 49.1. The data triggered broad-based USD weakness.
Earlier in the London session, European Central Bank’s (ECB) nominated President Christine Lagarde made some dovish comments, however EUR  didn’t have a bearish reaction.

EUR/USD 4-hour chart

EUR/USD is challenging the 1.1020 resistance as the market is trading below the main SMAs. Bears will need to reclaim the 1.0997 and 1.0968 levels if they want to resume the bear trend, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

EUR/USD is trading above the 1.0997 support level and the main SMAs, suggesting a correction up in the near term. If bulls overcome 1.1020 resistance, the market could correct to 1.1042 and 1.1073 resistances, according to the Technical Confluences Indicator.  

Additional key levels