16 Aug 2019
EUR/USD technical analysis: Fiber enters the New York session printing fresh weekly lows at 1.1066
- EUR/USD is trading close to weekly lows as investors anticipate more stimulus in September from the European Central Bank (ECB).
- The level to beat for bears is the 1.1074 support.
EUR/USD daily chart
On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The recent data in the US keeps the buck supported. Inflation and the Retail Sales Control Group were positive. Additionally, easing US-China trade tensions also support the Greenback. On the other hand, on Thursday ECB member Olli Rehn said the ECB stimulus package might overshoot expectations in September. The dovish comment was seen as bearish for EUR.
EUR/USD 4-hour chart
The Euro is challenging the 1.1074 support. A beak below the level could open the doors to further losses towards 1.1062 and 1.1039 levels.
EUR/USD 30-minute chart
The market is under heavy bearish pressure near the weekly lows. Immediate resistances are seen at the 1.1091 and 1.1120 levels, according to the Technical Confluences Indicator.
Additional key levels