EUR/USD Price Analysis: Euro rolls into Asia below the 1.1063 resistance

 

 

EUR/USD is trading in a weak bear trend below its main simple moving averages (SMAs). Additionally, the spot is also breaking to the downside from a bull channel which started in October 2019. The bull flag from December 2019 failed as bears took over. EUR/USD formed a head-and-shoulders pattern which is weighing on EUR/USD.

 

 

The spot is trading in a down channel below its main SMAs. The spot is rebounding from the 1.1035 support; however, if the bears break below this level, the euro, in the next sessions, can continue to decline towards the 1.1000 and 1.0971 levels, according to the Technical Confluences Indicator.