February 8, 2023

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EUR/USD slips just below 1.2000 for the first time in over two weeks

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EUR/USD loses further ground on the week, falling to 1.1986

EUR/USD D1 05-05
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This now puts some focus on the 38.2 retracement level of the April upswing @ 1.1980 as sellers are testing waters just below the 1.2000 level for now.

The dollar is trading more mixed across the board, trailing behind commodity currencies, but is holding a slight advance against the euro and franc currently.

As things stand, EUR/USD is still going by the technical textbook, with sellers keeping near-term control on a push below the key hourly moving averages since last week.

Adding to that is a drop below the 100-day moving average (red line), seen @ 1.2049 today, so that keeps the downside pressure going so far on the week.

Keep below 1.2000 and sellers will stay poised to search for further downside momentum with the 200-day moving average (blue line) @ 1.1940 and 50.0 retracement level @ 1.1927 being another two key focus points to keep an eye out for.

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