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.

Flavio Tosti Independent Analyst

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

EUR/USD

Overview
Today last price	1.085
Today Daily Change	0.0060
Today Daily Change %	0.56
Today daily open	1.079

Trends
Daily SMA20	1.0942
Daily SMA50	1.1055
Daily SMA100	1.1061
Daily SMA200	1.1107

Levels
Previous Daily High	1.0821
Previous Daily Low	1.0778
Previous Weekly High	1.0958
Previous Weekly Low	1.0827
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0794
Daily Fibonacci 61.8%	1.0805
Daily Pivot Point S1	1.0771
Daily Pivot Point S2	1.0753
Daily Pivot Point S3	1.0728
Daily Pivot Point R1	1.0815
Daily Pivot Point R2	1.084
Daily Pivot Point R3	1.0858

Author

Flavio Tosti

Independent Analyst

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