EUR/USD technical analysis: Euro ends the week below 2-week lows, sub-1.1240

• EUR/USD is under strong selling pressure below 1.1240 resistance.
• The level to beat for bears is at 1.1217 and 1.1160 on the way down.

EUR/USD daily chart

EUR/USD is trading below its main daily simple moving averages (DSMAs). The June’s Nonfarm Payrolls saw the best data since January. The US economy added not less than 224K jobs vs. 160K forecast. As a result, analysts speculate that the Federal Reserve might be less agressive in cutting rates, therefore strengthening the US Dollar.

EUR/USD 4-hour chart

The market hit the 1.1217 support. The market is consolidating the recent losses above this level. Bears want to break below 1.1217 to reach 1.1160, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

The market is under bearish pressure however the consolidation phase can potentially extend to 1.1240. Looking up there is the 1.1264 and the 1.1288 resistances, according to the Technical Confluences Indicator.

Additional key levels