23 Sep 2019
EUR/USD technical analysis: Euro under pressure below 1.1000 ahead of ECB’s Draghi
- EUR/USD starts the week on the back foot as PMIs in Europe come below expectations.
- The level to beat for bears is the 1..0965 support level.
- Europen Central Bank’s (ECB) President, Mario Draghi, will be testifying before the Committee and Monetary Affairs of the European Parliament.
EUR/USD daily chart
The shared currency, on the daily chart, is trading in a downtrend below the main daily simple moving averages (DSMAs). Earlier in the European session, the Markit PMI in the Eurozone, Germany and France disappointed sending the Euro down. In the New York session, Europen Central Bank’s President, Mario Draghi, will be testifying before the Committee and Monetary Affairs of the European Parliament.
EUR/USD four-hour chart
The Euro is trading below its main SMAs, suggesting a bearish bias in the medium term. EUR/USD is consolidating its recent move down below the 1.1000 figure. Bears need a break below the 1.0965 support (current Monday low) to reach 1.0940 (near the 2019 low) and 1.0887, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is rebounding from daily lows while the market is trading below its main SMAs, suggesting bearish momentum in the near term. The 1.1000 figure should act as initial resistance. If the bears fail to defend the level, then the 1.1023/35 resistance zone and the 1.1075 price level can come into play, according to the Technical Confluences Indicator.
Additional key levels