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Euro Technical Analysis: EUR/USD, EUR/AUD, EUR/NOK Levels to Watch

Euro Technical Analysis: EUR/USD, EUR/AUD, EUR/NOK Levels to Watch

Daniel McCarthy, Strategist

Euro, EUR/USD, EUR/AUD, EUR/NOK - Talking points

  • EUR/USD consolidates after a new low, fighting off momentum
  • EUR/AUD and EUR/NOK are pressing previous lows with gusto
  • Momentum is working against Euro. Can the Euro find a base?

EUR/USD TECHNICAL OUTLOOK

In September, EUR/USD tried to break up through the downtrend but failed at a previous high of 1.19087 and resumed going lower.

After making a Death Cross last week, EUR/USD went below last year’s low of 1.16026 but failed to follow through. The Death Cross occurred when the 21-day simple moving average (SMA) crossed below the 55-day SMA.

Short, medium and long-term SMAs, as represented by the 10-day, 21-day, 55-day and 200-day SMAs respectively, all have negative gradients. This could hint at evolving bearish momentum.

Support might be provided at the previous low of 1.15626. Beyond that is the 50% Fibonacci retracement level of the move from 1.06337 to 1.23495 at 1.14916.

Resistance is potentially at the SMAs that are above the price, at the pivot point of 1.1664 or at the descending trend line, currently intersecting at 1.1704.

EUR/USD CHART

EUR/USD CHART

Chart Created in TradingView

EUR/AUD TECHNICAL ANALYSIS

EUR/AUD traded below last month’s low of 1.59012 on Tuesday but did not push lower and closed at that level. That close was below the lower band of the 21-day SMA-based Bollinger Band. It is currently back inside the lower band and a close inside the band could be short-term bullish.

The 10-day SMA recently crossed below the 21-day and the 55-day SMA, which might be bearish.

Nearby, the previous lows of 1.59012 and 1.58913 are possible support levels. The 50% Fibonacci retracement of the move from 1.52532 to 1.64198 is at 1.58365. It could be a potential level of support.

Resistance might be at the descending trend line, currently at 1.6140 and at the SMAs that are above the current price.

EUR/AUD CHART

Euro Technical Analysis: EUR/USD, EUR/AUD, EUR/NOK Levels to Watch

Chart Created in TradingView

EUR/NOK TECHNICAL ANALYSIS

EUR/NOK traded at its lowest level since early 2020 on Tuesday. The January 2020 low of 9.7959 is the next level of potential support.

Similar to other EUR currency pairs, the short, medium and long term SMAs - as represented by the 10-day, 21-day, 55-day and 200-day SMAs respectively - all have negative gradients. This could hint at bearish momentum.

On the topside, the descending trend line, intersecting at 10.180, and the previous high of 10.2312, might offer resistance.

EUR/NOK CHART

Euro Technical Analysis: EUR/USD, EUR/AUD, EUR/NOK Levels to Watch

Chart Created in TradingView

--- Written by Daniel McCarthy, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter

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

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