EUR/USD technical analysis: Euro printing fresh weekly lows and breaking below the 1.1052 level

EUR/USD is under heavy pressure after the release of the US Gross Domestic Product.
Earlier, the Fiber had a bullish spike which covered the whole daily range after comments from ECB's Knot.
The level to beat for bears is the 1.1052 support followed by the 1.1033 level.

Flavio Tosti Independent Analyst

EUR/USD daily chart

On the daily time-frame, the single currency is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier in the New York session, the US Gross Domestic Product Annualized (GDP) came in line with expectations at 2% in the second quarter. In the London session, the German inflation in August (YoY) came below expectations at 1% vs. 1.2% forecast by analysts.

EUR/USD 4-hour chart

The Euro is under bearish pressure below the main SMAs as the market is printing new weekly lows. The spot is breaking below the 1.1052 support, which is leaving the door open for a potential move down towards 1.1033 and 1.1016 levels, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

EUR/USD is trading below the main SMAs, suggesting a bearish momentum in the near term. Immediate resistances are seen at 1.1080, 1.1098 and 1.1117 levels, according to the Technical Confluences Indicator. Earlier in the New York session, the Fiber had a bullish spike which spanned the whole daily range only to be retraced minutes after. ECB's Knot said there was "no need to resume a Quantitative Easing program" and "the ECB's September meeting exactions are overdone."

Additional key levels

EUR/USD

Overview
Today last price	1.1047
Today Daily Change	-0.0031
Today Daily Change %	-0.28
Today daily open	1.1078

Trends
Daily SMA20	1.1133
Daily SMA50	1.1202
Daily SMA100	1.1209
Daily SMA200	1.1281

Levels
Previous Daily High	1.11
Previous Daily Low	1.1073
Previous Weekly High	1.1154
Previous Weekly Low	1.1052
Previous Monthly High	1.1373
Previous Monthly Low	1.106
Daily Fibonacci 38.2%	1.1083
Daily Fibonacci 61.8%	1.1089
Daily Pivot Point S1	1.1067
Daily Pivot Point S2	1.1057
Daily Pivot Point S3	1.1041
Daily Pivot Point R1	1.1094
Daily Pivot Point R2	1.111
Daily Pivot Point R3	1.112

Author

Flavio Tosti

Independent Analyst

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