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18 Feb 2020

EUR/USD Asia Price Forecast: Euro under heavy selling pressure, trading sub-1.0800 level

  • EUR/USD broke to fresh multi-year lows as the bear trend remains intact.
  • The level to beat for bears is the 1.0796 support.
 
 

EUR/USD daily chart 

 
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the spot is under strong bearish pressure near 34-month lows. The spot is trading below the 2019 lows. Earlier, the NY Empire State Manufacturing Index jumped to 12.9 in February vs. 5 expected, boosting USD. 
 

EUR/USD four-hour chart

 
EUR/USD broke below a descending channel while trading well below its main SMAs on the four-hour chart. On the second day of the week, the spot had another bear leg to the 1.0800 level while reaching multi-year lows. Sellers are pressuring the 1.0796 support to reach the 1.0752 and 1.0700 price levels. Resistance is seen near the 1.0830, 1.0880 and 1.0925 levels, according to the Technical Confluences Indicator. 
 
 
Resistance: 1.0830, 1.0880, 1.0925
Support: 1.0796, 1.0752, 1.0700
 

Additional key levels

 

Feb 18, 2020

AUD/USD: On the back foot below 0.6700 ahead of Aussie Q4 Wage Price Index

AUD/USD awaits fresh direction near seven days’ low while taking rounds to 0.6690 at the start of Wednesday’s Asian session.
Read more Previous
Feb 19, 2020

USD/JPY: A touch lower than 110.00 amid broad US dollar strength, risk-off

USD/JPY trades mildly positive to 109.90 during the early Asian session, ahead of the Tokyo open, on Wednesday.
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