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 challenging the 2019 low at the 1.0879 level.

 

 

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.