Feb 26, 2020
EUR/USD New York Price Forecast: Euro bullish recovery stalling near 2019 low, trades near 1.0860 level
- EUR/USD is reversing up from 34-month lows while the market is hesitant near the 2019 low.
- The level to beat for bulls is the 1.0900/1.0920 resistance zone.
EUR/USD daily chart
EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is recovering from 34-month lows. EUR/USD is also stalling near the 2019 low at the 1.0879 level.
EUR/USD four-hour chart
Euro/Dollar broke below a bear channel in early February and is now reversing up from the 1.0800 figure. The correction up remains intact as the market is challenging the 1.0900 resistance and the 100 SMA. In fact, the bulls will probably try to break the 1.0900/1.0920 resistance zone to target the 1.0970 level on the way up. Support can be found near the 1.0868 and 1.0835 levels, according to the technical Confluences Indicator.
Resistance: 1.0900, 1.0920, 1.0985
Support: 1.0868, 1.0835, 1.0800
Additional key levels