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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. 

 

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

 

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