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

 



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