- 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