EUR/USD Price Analysis: Euro bounces from session’s lows, nearing 1.1065 level

EUR/USD bounced sharply from the 2020 lows while challenging the main SMAs on the four-hour chart. This Friday the correction up seems to decelerate near the  |  27/03/2020 16:04
  • EUR/USD retracement up challenges the 1.1060 resistance and the 100 SMA on the four-hour chart.
  • The next levels of resistance are seen near 1.1100 and 1.1163.

EUR/USD daily chart 

EUR/USD bounced sharply from the 2020 lows while challenging the main SMAs on the daily chart. This Friday the correction up seems to decelerate near the 200 SMA on the daily chart and below the 1.1100 figure.  
 

EUR/USD four-hour chart

EUR/USD bulls are maintaining the pressure unabated as the week is coming to an end. EUR/USD is trading above the 1.1000 psychological level and the 200 SMA on the four-hour chart. Above those levels, buyers should remain in control. However, a daily close below the 1.1000/1.0973 support zone can reignite the longer-term bearish trend with potential further weakness towards the 1.0904 level in the medium-term horizon, according to the Technical Confluences Indicator.

Resistance: 1.1065, 1.1100, 1.1160
Support: 1.1000, 1.0973, 1.0904

Additional key levels

 

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