EUR/USD: At risk of falling towards the 1.1300 level.

EUR/USD has lost its traction at the start of the new year. The pair remains at the merch of the greenback’s market valuation and the correction could extend toward 1.1300, FXStreet’s Eren Sengezer reports.

Key technical support in the near-term aligns at 1.1300“The number of confirmed coronavirus cases continues to rise at a strong pace both in the US and Europe but, as it currently stands, European countries are more likely to tighten restrictions. A slowdown in the eurozone’s economic activity due to tighter restrictions will put additional bearish pressure on EUR/USD in the near-term.”“EUR/USD is testing 1.1340 (former resistance, static level). In case a four-hour candle closes below that level, additional losses toward 1.1300 (psychological level, 200-period SMA) could be witnessed in the near-term.”“On the upside, 1.1360 (static level, post-ECB high on December 16) aligns as initial resistance before 1.1385 (December 31 high) and 1.3400 (psychological level).”
Impending bear cross tests bulls above $83.00EUR/USD remains pressured below 1.1350 amid US dollar recoveryEUR/USD remains pressured below 1.1350 amid US dollar recoveryEUR/USD is trading below 1.1350, retreating from seven-week highs. Traders struggle for a clear direction as equity futures rise, yields hold steady. Omicron woes escalate and underpin the US dollar’s recovery ahead of a busy US events week.

EUR/USD News 

GBP/USD bears making their mark to start 2022, battles 1.3500GBP/USD bears making their mark to start2022, battles 1.3500GBP/USD bears step on the gas at the start of the week into test near to 1.35 the figure. US events, Brexit, Covid and central banks outlooks to be the driving forces this week. The surprise rate hike by the BOE at its December meeting gave the currency some time-limited support.

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