EUR/USD Price Analysis: Euro corrective move up picking up steam on USD weakness

EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is correcting up from 34-month lows. The spot is also challen  |  25/02/2020 16:43
  • EUR/USD is correcting higher while bouncing from 34-month lows.
  • USD weakness is the main driver behind the current strength in the currency pair.
  • The corrective move up is seen accelerating above 1.0883 resistance. 
 

EUR/USD daily chart 

 
EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is correcting up from 34-month lows. The spot is also challenging 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 reversing up from the 1.0800 figure. Buyers are pressuring the 1.0883 resistance. A break beyond the above-mentioned level is likely to lead to more gains towards the 1.0923 and 1.0985 levels. Support is seen near and 1.0800 and 1.10754 price levels, according to the Technical Confluences Indicator.  
 
 
Resistance: 1.0883, 1.0923, 1.0985
Support: 1.0800, 1.0754 1.0660
 

Additional key levels

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com