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3 Feb 2020

EUR/USD Asia Price Forecast: Euro easing down after Friday’s surge

  • The market is erasing parts of last Friday’s surge. 
  • The level to beat for sellers is the 1.1060 support. 
 

EUR/USD daily chart 

 
EUR/USD is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot broke below an ascending trendline. The euro last Friday bounced and tested the trendline. The spot stays weak below the 200 SMA/1.1200 zone and is likely to enter a triangle consolidation in the coming sessions. 
 

EUR/USD four-hour chart

 
EUR/USD is trading in a bear channel below the 100 and 200 SMAs. The spot almost reached the 1.1100 resistance and is now easing from this swing high. As the euro remains weak, a break below the 1.1060 support can lead to a retest of 1.1033 and 1.1000 figure. On the flip side, a break above the 1.1100/1.1140 resistance zone could endanger the bearish scenario, according to the Technical Confluences Indicator. 
   
 
Support: 1.1060, 1.1033, 1.1000
Resistance: 1.1080, 1.1100, 1.1140
 
 

Additional key levels 

 

Feb 3, 2020

NZD/USD: Bulls fearful of an uber dovish RBA

NZD/USD is currently trading at 0.6461 between a low of 0.6452 and a high of 0.6477 as we head over to the Asian session where traders are getting set
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Feb 3, 2020

RBA: Much has happened since the RBA Board’s last meeting 2 months ago - Westpac

Analysts a Westpac noted that Much has happened since the RBA Board’s last meeting 2 months ago, including Australia’s poor Q3 GDP data, 2 firm jobs r
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