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19 Feb 2020
EUR/USD New York Price Forecast: Euro vulnerable near multi-year lows
- EUR/USD is under pressure near multi-year lows as the downtrend remains intact.
- The level to beat for sellers is the 1.0796 support.
EUR/USD daily chart
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the spot is under strong selling pressure near 34-month lows.
EUR/USD four-hour chart
The euro broke below a bear channel while trading well below the main SMAs on the four-hour chart. On the third day of the week, the quote is pressuring multi-year lows and eyeing a break below the 1.0796 support to reach the 1.0752 and 1.0700 price levels. Resistance is seen near the 1.0830, 1.0880 and 1.0925 levels, according to the Technical Confluences Indicator.
Resistance: 1.0830, 1.0880, 1.0925
Support: 1.0796, 1.0752, 1.0700
Additional key levels