EUR/USD technical analysis: Euro rolling into the Asian session below the 1.1050 level

 

 

 

On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). This Tuesday, the market has been consolidating for the fourth consecutive day ahead of Wednesday’s Producer Price Index in the United States and most importantly the European Central Bank (ECB) meeting taking place on Thursday.  

 

EUR/USD is in a range between the 1.1020 and 1.1073 price level. The Euro is trading below the descending 100 and 200 SMAs, suggesting bearish momentum in the medium term. Bears will be looking for a break of the 1.1020 support to potentially drive the market south towards 1.0990 and 1.0964 price levels, according to the Technical Confluences Indicator.

 

   

   

 

EUR/USD is trading in a very tight range as the spot spent most of the day between the SMAs. In order to attract further buying interest, the bulls would need a daily close above 1.1073 resistance.