February 9, 2023

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EUR/USD continues to look heavy ahead of the final stages of the week

1 min read

EUR/USD still trading at the lows since last July for the time being

EUR/USD H1 01-10

Despite the dollar giving some back in trading yesterday, EUR/USD was an exception as the pair kept with the downside push below 1.1600 as the pressure continues.

From a technical perspective, things aren’t boding well for the pair unless buyers can somehow work their way back above 1.1600 to try and reduce the downside bias for the time being at least. That’s the critical level to watch as the week winds down.

Otherwise, we’re looking primed for a further grind lower in the pair with sellers keeping more poised amid a firmer greenback in the past few weeks (and likely to continue).

That said, the end of the week may offer some light reprieve for the pair with the weekly chart pointing towards some relative support for now:

EUR/USD W1 01-10
The 200-week moving average (blue line) @ 1.1572 is limiting downside for now but a close below that today will just exacerbate any downside momentum going into next week. So, be sure to keep an eye on that ahead of the close.

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