EUR/USD Asia Price Forecast: Euro under heavy selling pressure, trading sub-1.0800 level

 

 

 

EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the spot is under strong bearish pressure near 34-month lows. The spot is trading below the 2019 lows. Earlier, the NY Empire State Manufacturing Index jumped to 12.9 in February vs. 5 expected, boosting USD. 

 

 

EUR/USD broke below a descending channel while trading well below its main SMAs on the four-hour chart. On the second day of the week, the spot had another bear leg to the 1.0800 level while reaching multi-year lows. Sellers are pressuring 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.