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17 Mar 2020
EUR/USD: Trading below the relevant resistance at 1.1050
EUR/USD lost the 1.1000 level before the release of US figures, triggering stops and extending its slump afterwards to the current 1.0980 price zone. Valeria Bednarik from FXStreet analyzes the EUR/USD pair from a technical perspective.
Key quotes
“The pair is now trading below the 61.8% retracement of its February/March rally at 1.1050, a relevant resistance area.”
“In the 4-hour chart, it has broken below all of its moving averages, while technical indicators have turned sharply lower, entering oversold territory with almost vertical slopes.”
“Despite oversold conditions, the pair could continue to fall in the upcoming session, particularly if the risk-related sentiment remains sour.”
“Support levels: 1.0950 1.0920 Resistance levels: 1.1015 1.1050.”