FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
44,774,935Confirmed
1,179,232Deaths
32,727,721Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
EUR/USD

The Euro fell to its lowest level against the U.S. Dollar since August 12 on Tuesday extending losses from the previous session, as markets turned risk-averse over a surge of virus cases and new lockdown measures in Europe.

Although European equities opened higher on Tuesday, the dollar continued its ascent and riskier currencies fell, as new lockdown measures to combat a second wave of COVID-19 infections pose a threat to the global economic recovery.

At 12:27 GMT, the EUR/USD settled at 1.1741, down 0.0032 or -0.27%.

In Spain, the army have been asked to help fight a coronavirus surge in Madrid, while restrictions in other European countries were announced last week.

Daily EUR/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The downtrend was reaffirmed earlier today when sellers edged through the last main bottom at 1.1737. A trade through 1.1872 will change the main trend to up.

The main range is 1.1371 to 1.2011. Its retracement zone at 1.1691 to 1.1616 is the primary downside target. Buyers could come in following a test of this area.

The short-term range is 1.1711 to 1.2011. Its retracement zone at 1.1826 to 1.1861 is new resistance.

Advertisement

Daily Swing Chart Technical Forecast

An extension of the selling pressure through today’s intraday low at 1.1720 should create the downside momentum needed to challenge the main bottom at 1.1711, followed by a minor bottom at 1.1696 and the main 50% level at 1.1691.

Look for a technical bounce on the first test of 1.1691. This is also a potential trigger point for an acceleration to the downside.

On the upside, the first resistance is a minor 50% level at 1.1796, followed by the short-term Fibonacci level at 1.1826.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US