Forex – EUR/USD: The Euro remains under pressure with new lows annual

© O Financista. Still new lows on an annual EUR/USD

The fall of the EUR/USD pair is accelerating again on Tuesday, with new lows for the year (1.1257) in the framework of the 7th consecutive day of decline for the single currency.

Recall that the EUR/USD is following a trend is clearly bearish since the peak of 1.1514 of 31 January, in the face of fears of a more pronounced economic slowdown in Europe.

The new acceleration to the downside this morning doesn’t appear to be linked to any specific information, and primarily as a result of a continuation of the bearish trend of the background, fuelled by the rise in the Dollar, which is benefiting from hopes in regards to the relationship China-USA. The absence of reasons to progress to the Euro is also in itself a factor bearish.

Today, the economic calendar will stay almost empty, with the report JOLTS on the job offers to US only statistics, potentially influential, at 16h.

We will also monitor any possible statement regarding the ongoing negotiations in Beijing between China and the USA, or even in regard to the Brexit.

The Shutdown of the US government, which is scheduled to resume on 16 February without agreement between the White House and the Democrats, is also a topic to monitor closely these next few days.

From a graphical point of view, the EUR/USD is currently at the lowest since November 13, 2018, and in addition to the psychological support minor 1.1250, the next threshold to watch to the downside is located at 1.1214, the low of last year.

Has the upside, initial resistance is found at 1.1290-1.13, and then 1.1350. The line of downward trend visible since the 31 January, currently around 1.1315, and the moving average 100 hours currently to 1.1332 will also be considered as resistance potential.

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