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Forex News

Euro trading flat on the day, up more than 170 pips on the week

  • EUR/USD bullish reversal from 34-month lows remains intact.
  • The level to beat for bulls is the 1.1006 resistance.

 

EUR/USD daily chart 

 

The euro is trading in a downtrend below its main daily simple moving averages (SMAs). However, the spot is reversing up sharply from 34-month lows while challenging the 50 and 100 SMA this Friday. 

 

 

EUR/USD four-hour chart

 

EUR/USD is challenging the 1.006 resistance while above the 200 SMA on the four-hour chart. The bulls remain in control suggesting that the market could extend its run towards the 1.1047 and the 1.1085 levels, according to the Technical Confluences Indicator. Support can be expected near the 1.0960 and 1.0915 price levels.   

 

 

Resistance: 1.1006, 1.1047, 1.1085 

Support: 1.0960, 1.0915, 1.0880

 

Additional key levels

 

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