News

EUR/USD London Price Forecast: Euro corrective bounce near 1.1100 level

  • EUR/USD is starting the new trading week near January lows.
  • A bounce from current price levels can lead to 1.1125 and 1.1150.
 

EUR/USD daily chart

 
The euro is trading in a weak bear trend below the 200-day simple moving average (SMA). EUR/USD is starting the new week just below the 1.1100 level and the 50 SMA.
 

EUR/USD four-hour chart

 
The spot is trading below its main SMAs, suggesting an underlying bearish bias. However, the market is challenging the January lows in the 1.1100/1.1090 support zone. At the start of the new week, if the bulls defend this area EUR/USD is more likely to bounce in the London session. Potential targets to the upside can be seen near 1.1125 and 1.1150. 
 
On the flip side, if the market decides to breach 1.1100/1.1090 support zone, EUR/USD could continue to drop towards the 1.1067, 1.1033 and 1.1000 levels; according to the Technical Confluences Indicator.
 

Additional key levels 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.