- EUR/USD is trading on the defensive ahead of the European Central Bank’s (ECB) meeting on Thursday.
- The level to beat for sellers is the 1.0991 support.
EUR/USD daily chart
On the daily time-frame, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). The market is losing steam below the 1.1012 resistance ahead of the European Central Bank’s (ECB) meeting on Thursday.
EUR/USD four-hour chart
The Euro is trading below the main SMAs, suggesting a bearish bias in the medium term. The market is correcting the slide seen earlier on Wednesday. It is unlikely the correction will go very far as the market is testing the 1.1012 resistance and the 50 SMA. The down move can extend towards 1.0991 and the 1.0963 support level, according to the Technical Confluences Indicator. If the bears gather enough strength, the market can reach 1.0929 support which is near the 2019 low.
EUR/USD 30-minute chart
The market is challenging the 1.1012 resistance while being under bearish pressure below its main SMAs on the 30-minute chart. Further up, resistance can be seen at the 1.1032 price level.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.