12 Sep 2019
EUR/USD technical analysis: Euro under pressure near 2019 lows as Draghi is speaking
- EUR/USD is taking a dive as the European Central Bank’s (ECB) cut interest rates by 0.1% and announces Quantitative Easing (QE).
- Draghi is now speaking about the stimulus package.
- The level to beat for sellers is the 2019 low at 1.0926 price level.
EUR/USD daily chart
On the daily time-frame, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). The European Central Bank’s (ECB) has slashed interest rates by only 0.1% but announces QE, EUR/USD leaps then crashes.
EUR/USD four-hour chart
The Euro is under bearish pressure below its main SMAs as the market is at a stone’s throw from the 2019 low at 1.0926. If the bears break below this level the next level to watch become 1.0888, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
The market is spiking down as ECB’s Draghi is speaking. Immediate resistances are seen at 1.0968, 1.0991 and 1.1030 price levels.
Additional key levels