- EUR/USD starts the week on the back foot as European PMIs disappoint.
- The level to beat for bears is the 1.0965 support level.
- Europen Central Bank’s (ECB) President, Mario Draghi reminds the market that the ECB is ready to act.
EUR/USD daily chart
On the daily chart, the shared currency is trading in a downtrend below its main daily simple moving averages (DSMAs). Earlier in the European session, the Markit PMI in the Eurozone, Germany and France came in below expectations sending the Euro down. In the New York session, Europen Central Bank’s President, Mario Draghi reiterated that the ECB is ready to act.
EUR/USD four-hour chart
EUR/USD is trading below the main SMAs, suggesting a bearish bias in the medium term. The Fiber is in consolidation mode below the 1.1000 figure. Sellers want a break below the 1.0965 support (current Monday low) to hit 1.0940 (near the 2019 low) and 1.0887, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading below its main SMAs, suggesting bearish momentum in the near term. The market is challenging the 1.1000 figure, which might be holding bullish attacks. However, in case the market breaks above the level, 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
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