EUR/USD price analysis: Euro erases most of the intraday gains, challenges the 1.1059 support

  

 

The common currency, on the daily chart, is trading below its 200-day simple moving average (DMA). However, at the start of December, the spot had a strong bullish reversal. The sellers would likely need to have a daily close below the 1.1000 handle to restore a clear bearish bias. 

 

 

EUR/USD are showing little conviction at the start of the week as the spot is battling with the 200 SMA on the four-hour chart. If bears manage to break below the 1.1059 level, the market could start to decline towards the 1.1030 and 1.1008 level. Further down lies the 1.0984 level, according to the Technical Confluences Indicator. 

 

 

 

The euro is trading below the 100 and 200 SMA while nearing the session’s lows. Resistance is seen at the 1.1083 and 1.1105 price levels, according to the Technical Confluences Indicator.