- EUR/USD correction up is nearing the 1.1000 figure.
- EUR/USD is also nearing the 200 SMA on the four-hour chart.
EUR/USD daily chart
EUR/USD is trading below the 100 and 200 SMAs on the daily chart but above the 50 SMA. The market is rebounding from the 1.0800 figure as bulls are capitalizing on last week’s gains.
EUR/USD four-hour chart
The fiber continues to consolidate below the 200 SMA suggesting a negative bias in the medium term. However, the spot is advancing slowly towards the 1.1003 resistance near the 200 SMA and below this level EUR/USD is likely to be capped. However further upwards traction above can introduce scope to the 1.1037 and 1.1060 level which might be on the bulls’radar. On the flip side bears will be looking to resume the underlying bear trend especially on a break below the 1.0970 level en route to 1.0912 and 1.0877 price levels, according to the Technical Confluences Indicator.
Resistance: 1.1003, 1.1037, 1.1060
Support: 1.0970, 1.0912, 1.0877
Additional key levels
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