EUR/USD technical analysis: Sharp move down to new 2019 low as bears are scraping the barrel

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EUR/USD daily chart

EUR/USD is trading in a bear trend below its main simple moving averages (SMAs) while the market is printing a new 2019 low at 1.1106. 


EUR/USD 4-hour chart

EUR/USD is trading below its main SMAs suggesting a bearish bias in the near term. 

EUR/USD 30-minute chart

EUR/USD finally made a significant move down after four days of tight ranges. The bears brought the currency pair to a new 2019 low. If the sellers can manage to overcome the 1.1110 support then they could target 1.1070 to the downside. As the volatility has been extremely low in the last days, the market might enter a consolidation before attempting another drop. Resistances are seen at 1.1140 and 1.1180 level.

Additional key levels

 

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