EUR/USD technical analysis: Euro rolling into the Asian session near the 1.1010 level

  • EUR/USD is trading on the defensive ahead of the European Central Bank’s (ECB) meeting on Thursday. 
  • The level to beat for sellers is the 1.0991 support. 

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). The market is losing steam below the 1.1012 resistance ahead of the European Central Bank’s (ECB) meeting on Thursday. 

EUR/USD four-hour chart

The Euro is trading below the main SMAs, suggesting a bearish bias in the medium term. The market is correcting the slide seen earlier on Wednesday. It is unlikely the correction will go very far as the market is testing the 1.1012 resistance and the 50 SMA. The down move can extend towards 1.0991 and the 1.0963 support level, according to the Technical Confluences Indicator. If the bears gather enough strength, the market can reach 1.0929 support which is near the 2019 low. 

EUR/USD 30-minute chart

The market is challenging the 1.1012 resistance while being under bearish pressure below its main SMAs on the 30-minute chart. Further up, resistance can be seen at the 1.1032 price level.

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