EUR/USD Drops to Weekly Lows

  • EURUSD
    (${instrument.percentChange}%)

EUR/USD - H1

The pair had a solid performance last week, as it has been trying to recover from a very bad November and the 2021 lows that this month brought.

However, as we pointed out yesterday, this effort has been slow and limited, with the broader trend staying clearly descending after the rejection of the 38.2% of the October/November drop.

Near-term bias is also tilted on the downside, since the common currency moves back below its EMA this week and faces intense pressure at the start of the European session today, conceding 1.1300.

The common currency is now vulnerable to the ascending trend-line form last month's 2021 lows (mid-1.1200s), but it may be early for fresh yearly lows (1.1184).

On the other hand. EUR/USD moves towards oversold levels and as such, it may be able to find support ahead of mid-1.1200s. This could result in a bounce back above the EMA100 (1.1340), but it does not inspire confidence for challenging 1.1380.

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In any case, caution is need as we head to the end of the year due to the holiday trading conditions.


Past Performance: Past Performance is not an indicator of future results.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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