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Euro Technical Outlook: EUR/USD Price Under Pressure, Eyes Support

Euro Technical Outlook: EUR/USD Price Under Pressure, Eyes Support

Rich Dvorak, Analyst

EUR/USD PRICE OUTLOOK: EURO SLIDES AGAINST US DOLLAR AS RISK APPETITE SIMMERS

  • EUR/USD price action gives back gains notched earlier this week in a potential bearish reversal
  • Spot EUR/USD is currently trading slightly above technical support near the 1.2200-price level
  • EUR/USD bears could strongarm the Euro lower against its anti-risk US Dollar peer

EUR/USD prices have slid sharply over the last two trading sessions and reversed more than half of the 140-pip gain to start the week. Spot EUR/USD selling pressure has recently succumbed to fading risk appetite amid the return of coronavirus fears and rising US-EU trade tension.

EUR/USD PRICE CHART: DAILY TIME FRAME (18 FEB TO 25 JUN 2020)

Euro Price Chart EURUSD Forecast

EUR/USD downside since Wednesday has pushed spot prices back below the negatively-sloped 8-day exponential moving average. This suggests Euro bears have regained control over the major currency pair’s short-term direction.

EUR/USD price action now eyes a key technical support level around the 1.1200-handle. This zone of confluence is highlighted by the 34-day exponential moving average as well as the 61.8% Fibonacci retracement of March’s violent trading range.

These technical barriers might bolster spot EUR/USD if the latest influx of currency volatility wanes and market sentiment improves. Conversely, risk aversion could gain traction and send EUR/USD prices toward the 1.1000-level if the Euro falters against its safe-haven US Dollar counterpart and experiences a breakdown beneath current month-to-date lows.

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

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