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Euro reversing up from fresh 2020 lows

  • After hitting fresh 2020 lows and a six-day losing streak EUR/USD is bouncing up.
  • EUR/USD will probably be probing the 1.0927 resistance.  

 

EUR/USD daily chart 

 

EUR/USD is trading in a weak downtrend below the main daily simple moving averages (SMAs) as the spot is bouncing from levels not seen since October 2019.

 

EUR/USD four-hour chart

 

The euro broke below a bear channel while trading well below the main SMAs. Sellers want to extend the bear trend towards the 1.0900, 1.0881 and 1.0847 support on the way down, according to the Technical Confluences Indicator. However, if the bulls regain the 1.0927 and 1.0949 resistances the spot is at risk of a bullish reversal towards the 1.1000 figure. 

 

 

Resistance: 1.0927, 1.0949, 1.1000

Support: 1.0900, 1.0881, 1.0847

 

 

Additional key levels 

 

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