News

EUR/USD Price Analysis: Euro correction up is underway, bulls eyeing 1.0878 level

  • EUR/USD bounces from 34-month lows.
  • A deeper correction might be underway.
 

EUR/USD daily chart 

 
EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the market is rebounding from 34-month lows. 
 

EUR/USD four-hour chart

 
The euro broke below a descending channel and bounced from the 1.0800 level. The market regained the 50 SMA as bulls are creating a reversal up. The spot would need to overcome the 1.0878 resistance to ceate a deeper pullback up towards the 1.0923 and 1.0985 levels. Support is seen near 1.0844 and 1.0800 price levels, according to the Technical Confluences Indicator.  
 
 
Resistance: 1.0878, 1.0923, 1.0985
Support: 1.0844, 1.0800, 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.