EUR/USD technical analysis: Euro under heavy pressure below 1.1200 figure
- EUR/USD broke below a significant support at 1.1200 figure.
- Bears will be looking at the 1.1147 and 1.1101 to the downside according to the Technical Confluences Indicator.
- Mario Draghi the President of the European Central Bank said that he leaves the door open to further stimulus including rate cuts.
- Earlier the ZEW survey and the inflation data in Europe disappointed adding to the poor mood on the EUR.
EUR/USD daily chart
EUR/USD is in a bear trend below its main simple moving average (DSMA). The market is breaking below the 1.1200 figure.
The market broke below the main SMAs suggesting a bearish bias in the near term. The market is currently testing 1.1180 support, which is the Pivot Point one-day S2 and the lower Bollinger Band on the 4-hour chart according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is under pressure below its main SMAs. A break below 1.1180 can lead to 1.1147 the monthly Fibonacci of 23.6% after that comes the 1.1112 support (previous month low and Pivot Point 1 week S2 closely followed by 1.1101, the monthly Pivot Point S1 and the lower Bolling Band on the daily chart.
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.