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EUR/USD Price Analysis: Euro bullish correction intact, trades near 1.0880 level after London close

  • EUR/USD bullish recovery from 34-month lows is intact.
  • The level to beat for buyers is the 1.0900/1.0920 resistance zone.
 

EUR/USD daily chart 

 
The euro is trading in a downtrend below its main daily simple moving averages (SMAs) as the quote is recovering from 34-month lows. The spot is stalling near 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 bouncing from the 1.0800 figure. The bullish correction is intact as the spot is testing the 1.0900 resistance and the 100 SMA. Buyers should try to break the 1.0900/1.0920 resistance zone to target the 1.0970 level. Support is expected to hold 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

 

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