Euro ends the week on the lows, nearing the 1.1000 handle

  • EUR/USD ends the week on its low tick.
  • The level to beat for bears is the 1.1014 support.

 

EUR/USD weekly chart

 

On the weekly chart, the market is trading in a bear trend below the main weekly simple moving averages (SMAs). This week EUR/USD rejected the 1.1100 handle. 

 

EUR/USD daily chart

 

EUR/USD, on the daily chart, is trading in a downtrend below downward sloping 100 and 200-day simple moving averages (DMAs). This Friday, the market hit fresh weekly lows helped by the upbeat US data. The US Markit Manufacturing PMI in November (preliminary) improved to 52.2 vs. 51.5 expected.

 

 

EUR/USD four-hour chart

 

The market is challenging the 1.1014 support level while below the main SMAs on the four-hour time frame. Bears are likely back in control. The decline could extend towards 1.1000, followed by 1.0968 and 1.0945 price levels, according to the Technical Confluences Indicator.

 

Additional key levels