EUR/USD Technical Analysis: Euro pressuring daily lows near 1.1060 after the London close

 

 

Euro/Dollar, on the daily chart, is trading in a bear trend below downward sloping 100 and 200-day simple moving averages (DMAs). This Thursday, the market rejected the 1.1100 handle in the New York session.

 

 

 

The spot is trading below the 1.1077 resistance and the 100/200 SMAs on the four-hour time frame. The false bull breakout would gain credibility if the market closed below the 1.1043 on a daily closing basis. The primary levels to watch on the way down are likely located at the 1.1020, 1.0997 price levels, according to the Technical Confluences Indicator.

  

 

 

The fiber is trading below its main SMAs, suggesting a bearish momentum in the near term. The main resistances on the way up are the 1.1077, 1.1106 and the 1.1152 levels, according to the Technical Confluences Indicator. However, a daily close above the 1.1106 level would be seen as bullish for EUR/USD.