EUR/USD Price Analysis: Euros sinks to four-month lows, trades below 1.1000 figure

 

 

The euro is trading in a weak downtrend below its main simple moving averages (SMAs) as the spot is hitting levels not seen since October 2019.

 

 

EUR/USD is trading in a bear channel below the main SMAs while challenging the 1.0962 support. As the euro remains under heavy selling pressure, a break below the above-mentioned level is likely to lead to further declines towards the 1.0928 and 1.0882 levels, according to the Technical Confluences Indicator. Resistances are seen near the 1.0985/96 price zone, 1.1030, 1.1053 levels.