EUR/USD Price Analysis: Euro corrective move up picking up steam on USD weakness

EUR/USD is correcting higher while bouncing from 34-month lows.
USD weakness is the main driver behind the current strength in the currency pair.
The corrective move up is seen accelerating above 1.0883 resistance.

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 spot is correcting up from 34-month lows. The spot is also challenging the 2019 low at the 1.0879 level.

EUR/USD four-hour chart

EUR/USD broke below a descending channel in early February and is now reversing up from the 1.0800 figure. Buyers are pressuring the 1.0883 resistance. A break beyond the above-mentioned level is likely to lead to more gains towards the 1.0923 and 1.0985 levels. Support is seen near and 1.0800 and 1.10754 price levels, according to the Technical Confluences Indicator.

Resistance: 1.0883, 1.0923, 1.0985

Support: 1.0800, 1.0754 1.0660

Additional key levels

EUR/USD

Overview
Today last price	1.0851
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.0852

Trends
Daily SMA20	1.0925
Daily SMA50	1.1044
Daily SMA100	1.1058
Daily SMA200	1.1104

Levels
Previous Daily High	1.0872
Previous Daily Low	1.0805
Previous Weekly High	1.0864
Previous Weekly Low	1.0778
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0847
Daily Fibonacci 61.8%	1.0831
Daily Pivot Point S1	1.0814
Daily Pivot Point S2	1.0776
Daily Pivot Point S3	1.0747
Daily Pivot Point R1	1.0881
Daily Pivot Point R2	1.091
Daily Pivot Point R3	1.0949

Author

Flavio Tosti

Independent Analyst

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