EUR/USD New York Price Forecast: Euro sliding down, challenging 1.0900 handle

 

EUR/USD is retracing back down from last week’s highs as the quote is nearing the 1.0900 figure while trading below the main DMA (daily simple moving average) as DXY (US dollar index) is gaining steam.

 

 

EUR/USD is sliding down, challenging the 1.0900 figure while trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium term. Sellers are looking for a break below the 1.0880 level which could introduce scope for further declines towards the 1.0840 and 1.08000 levels on the way down while resistance could emerge near the 1.0970, 1.1000 and 1.1050 levels, according to the Technical Confluences Indicator.