News

EUR/USD New York Price Forecast: Euro erasing 2019 losses, bulls eyeing 1.1600 figure

  • EUR/USD is having an extraordinary large reversal up from the 2019 lows.
  • The level to beat for bulls is the 1.1518 resistance.
 

EUR/USD weekly chart 

 
The spot is reversing up sharply from 34-month lows as the market is virtually erasing the 2019 losses in less than a month of trading. There are no signs that the euro should slow down and a spike to the 2019 high in the 1.1569/1.6000 zone cannot be ruled out.
 

EUR/USD four-hour chart

 
EUR/USD is spiking to the upside, continuing last weeks' bullish run. As the buyers remain firmly in control the spot could appreciate further towards the 1.1471, 1.1518 and 1.11566 price levels. Support can be expected near the 1.1400/1.1363 price zone and 1.1300 figure, according to the Technical Confluences Indicator.   
 
 
Resistance: 1.1471, 1.1518, 1.1566
Support: 1.1400, 1.1363, 1.1300
 

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.