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EUR/USD Price Analysis: Euro ends the week below 1.1039 resistance

  • EUR/USD stays under heavy bearish pressure below the 1.1039 resistance.
  • The downside move could reach the 1.0976 and 1.0953 levels.
 

EUR/USD daily chart 

 
EUR/USD is trading in a weak bear trend below its main simple moving averages (SMAs) as the market is breaking down through a bullish trendline which started in October 2019. EUR/USD formed a head-and-shoulders pattern which is driving the spot near two-month’s lows.
 

EUR/USD four-hour chart

 
The market is trading in a descending channel below its main SMAs as the bears broke below the 1.1039 support. The break below this level can lead to further downside towards the 1.1000 and 1.0976 and 1.0953 levels, according to the Technical Confluences Indicator. 
  

Additional key levels 

 

European Monetary Union CFTC EUR NC Net Positions up to €-47K from previous €-48.2K

European Monetary Union CFTC EUR NC Net Positions up to €-47K from previous €-48.2K
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Gold Price Analysis: XAU/USD ends the week above the $1570/oz level

XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs). After failing near the 1600 figure earlier in the month, the metal has bee
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