EUR/USD Technical Analysis: Euro starts the week on the back foot, approaching the 1.1000 handle

 

 

 

 

On the daily chart, EUR/USD is trading in a downtrend below its main daily simple moving averages (DMAs). This Monday, the market is under bearish pressure in the New York session.

 

 

 

The spot is nearing the current November low  while under bearish pressure below its main SMAs. The main support to break for sellers is likely the 1.0996 level near the current low of the month. If sellers gather enough conviction and overcome this level, the market would likely decline towards the 1.0968 and 1.0910 price levels, according to the Technical Confluences Indicator.

 

 

EUR/USD is starting the week by sliding down below its main SMAs. Resistance is seen at the 1.1019 level and at the 1.1054 price level. However, a daily close above the 1.1076 level would question the validity of the bear case in the near term.