EUR/USD eyes 1.0570 as the next bearish target
|EUR/USD has extended its slide to fresh multi-year lows. As FXStreet’s Eren Sengezer notes, the next line of defense forms at 1.0570.
1.0570 aligns as the next critical support
“Investors might remain reluctant to bet on a risk rally amid escalating geopolitical tensions and renewed fears over a global economic slowdown, not allowing EUR/USD to stage a convincing recovery.”
“In case the pair makes a four-hour close below the 1.06 level, it could target 1.0570 (static level) and 1.0525 (Mar. 9, 2017, low).”
“On the upside, 1.0640 (former support, static level) aligns as the first resistance before 1.0660 (descending trend line) and 1.0700 (psychological level).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.