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Euro erasing 2019 losses, bulls eying 1.1600 figure

  • EUR/USD is having an extraordinary large reversal up from the 2019 lows.
  • The level to beat for bulls is the 1.1518 resistance.

 

EUR/USD weekly chart 

 

The spot is reversing up sharply from 34-month lows as the market is virtually erasing the 2019 losses in less than a month of trading. There are no signs that the euro should slow down and a spike to the 2019 high in the 1.1569/1.6000 zone cannot be ruled out.

 

EUR/USD four-hour chart

 

EUR/USD is spiking to the upside, continuing last weeks’ bullish run. As the buyers remain firmly in control the spot could appreciate further towards the 1.1471, 1.1518 and 1.11566 price levels. Support can be expected near the 1.1400/1.1363 price zone and 1.1300 figure, according to the Technical Confluences Indicator.   

 

 

Resistance: 1.1471, 1.1518, 1.1566

Support: 1.1400, 1.1363, 1.1300

 

Additional key levels

 

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