EUR/USD is trading around 1.1850, marginally lower. ECB President Lagarde reiterated her commitment to monetary stimulus. AstraZeneca published promising results from its covid vaccine trial, while cases continue rising on both sides of the Atlantic.
EUR/USD consolidates near the day’s low, currently down 0.13% on a day around 1.1840, amid early Thursday. The pair’s latest losses could be traced to the break of an upward sloping trend line from November 04 as well as the fresh risk aversion wave taking clues from the coronavirus (COVID-19), Brexit and global angst versus China.
Considering the normal RSI conditions, backed by the clear break of the previous support line, EUR/USD sellers eye a 21-day SMA level of 1.1788 during the further declines. However, the 1.1800 can act as an intermediate halt.
|Support & Resistance||Level||Explanation|
|Resistance 2||1.1884||Daily R2|
|Resistance 1||1.1869||Daily R1|
|Support 1||1.1828||Daily S1|
|Support 2||1.1813||Daily S2|