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  • EUR/USD is bouncing up from 34-month lows.
  • A deeper correction up is underway as bulls are eying the 1.0878 resistance.

EUR/USD daily chart 

Euro/Dollar is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is bouncing from 34-month lows. The market is challenging the 2019 low. 

EUR/USD four-hour chart

EUR/USD broke below a descending channel and is now reversing from the 1.0800 level. The market is consolidating above the 50 SMA as bulls are looking for a reversal up especially on a break above the 1.0878 resistance en route 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: 1.0878, 1.0923, 1.0985
Support: 1.0800, 1.0754 1.0660