EUR/USD needs to flip 1.0760 into support to extend its rebound
|EUR/USD has recovered modestly from two-year lows set at the beginning of the week. Euro needs to stabilize above 1.0760 for sellers to take a break, FXStreet’s Eren Sengezer reports.
1.0760 aligns as a key resistance in the near-term
“1.0760 (former support, static level) aligns as the first hurdle. In case the pair rises above that level and starts using it as support, it could extend its correction toward 1.08 (psychological level) and 1.0820 (20-period SMA, 50-period SMA).”
“On the downside, significant near-term support seems to have formed at 1.07 (psychological level) following the sharp decline witnessed in the early Asian session. With a four-hour close below that level, additional losses toward 1.0640 (March 2020 low) could be witnessed.”
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.