EUR/USD London Price Forecast: Euro corrective bounce near 1.1100 level

EUR/USD is starting the new trading week near January lows.
A bounce from current price levels can lead to 1.1125 and 1.1150.

Flavio Tosti Independent Analyst

EUR/USD daily chart

The euro is trading in a weak bear trend below the 200-day simple moving average (SMA). EUR/USD is starting the new week just below the 1.1100 level and the 50 SMA.

EUR/USD four-hour chart

The spot is trading below its main SMAs, suggesting an underlying bearish bias. However, the market is challenging the January lows in the 1.1100/1.1090 support zone. At the start of the new week, if the bulls defend this area EUR/USD is more likely to bounce in the London session. Potential targets to the upside can be seen near 1.1125 and 1.1150.

On the flip side, if the market decides to breach 1.1100/1.1090 support zone, EUR/USD could continue to drop towards the 1.1067, 1.1033 and 1.1000 levels; according to the Technical Confluences Indicator.

Additional key levels

EUR/USD

Overview
Today last price	1.1095
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.1093

Trends
Daily SMA20	1.1143
Daily SMA50	1.1098
Daily SMA100	1.1069
Daily SMA200	1.1137

Levels
Previous Daily High	1.1143
Previous Daily Low	1.1086
Previous Weekly High	1.1173
Previous Weekly Low	1.1086
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1108
Daily Fibonacci 61.8%	1.1121
Daily Pivot Point S1	1.1072
Daily Pivot Point S2	1.105
Daily Pivot Point S3	1.1015
Daily Pivot Point R1	1.1129
Daily Pivot Point R2	1.1164
Daily Pivot Point R3	1.1186

Author

Flavio Tosti

Independent Analyst

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