News

EUR/USD New York Price Forecast: Euro corrects steep February decline, trades above 1.0850 level

  • EUR/USD is correcting higher while bouncing from 34-month lows.
  • The corrective move up is seen accelerating above 1.0883 resistance. 
 

EUR/USD daily chart 

 
EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the quote is correcting up from 34-month lows. The spot is also trading just below the 2019 low. 
 

EUR/USD four-hour chart

 
EUR/USD broke below a bear channel and is now bouncing from the 1.0800 level. As the market is consolidating above the 50 SMA, buyers are probably looking for an extension of the reversal up on a break beyond the 1.0883 resistance en route towards the 1.0923 and 1.0985 price levels. Support is seen near and 1.0800 and 1.10754 price levels, according to the Technical Confluences Indicator.  
 
 
Resistance: 1.0883, 1.0923, 1.0985
Support: 1.0800, 1.0754 1.0660
 

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.