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EUR/USD Eyes Declining Further, Watch the Levels – Euro vs USD Price Outlook

EUR/USD Eyes Declining Further, Watch the Levels – Euro vs USD Price Outlook

2020-02-10 10:30:00
Mahmoud Alkudsi, Analyst

EUR/USD Price Technical Forecast

  • EUR/USD resumes bearish price action, what’s next?
  • Levels and thresholds to monitor

EUR/USD Price – Bears in Charge

Last week, EUR/USD broke below a key support level at 1.1059. On Friday, EUR/USD tumbled to its lowest level in four months at 1.0942, then closed the weekly candlestick in the red with 1.3% loss.

The Relative Strength Index (RSI) fell from 50 to 32 highlighting bears comeback.

EUR/USD Daily PRice CHART (June 15, 2018 – FEB 10, 2020) Zoomed Out

EURUSD Daily price chart 10-02-20 zoomed out
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EUR/USD Daily Price CHART (Sep 25 – FEB 10, 2020) Zoomed in

EURUSD Daily price chart 10-02-20 zoomed in

Looking at the daily chart, we notice on Oct 21 EUR/USD rebounded from 1.1179 then developed a broadening top pattern. This is usually a bearish pattern. See the chart (zoomed out).

In late Jan, bears pulled back causing EURUSD to rally. Yet, the price failed to close above the 50-Day average. In early Feb, the market opened with a gap to the downside indicating that bears would comeback.

This led the pair to fall to a lower trading zone 1.0951 – 1.0912. Hence, a close below the low end of the zone could encourage bears to press towards 1.0812. That said, the weekly support level underlined on the chart (zoomed in) should be considered as some traders might join/exit around these points.

On the flip-side, a close above the high end of the zone reflects bear’s reluctance. This could lead some of them to exit the market and cause a rally towards 1.1059 contingent on clearing the daily resistance levels underscored on the chart.

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EUR/USD four Hour Price CHART (Jan 14 – FEB 10, 2020)

EURUSD Four Hour price chart 10-02-20

From the four-hour chart, we noticed that on Jan 31 EUR/USD corrected its down trend move as carved out a higher low at 1.1017. On Feb 4, the market resumed bearish price action creating lower highs with lower lows.

A break below 1.0879 could send EURUSD towards 1.0820. Nevertheless, the weekly support level marked on the chart should be kept in focus. In turn, a break above 1.0996 could cause a rally towards 1.1027. Although, the daily resistance level printed on the chart should be watched closely.

See the chart to know more about key technical levels in a further bullish scenario.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.