Home EUR/USD Price Analysis: Bottomed out at 1.0780?
FXStreet News

EUR/USD Price Analysis: Bottomed out at 1.0780?

FX Street
Updated:
  • EUR/USD is now attempting to extend the rebound from YTD lows.
  • Rallies are seen struggling initially in the 1.0885/90 band.

EUR/USD has managed to regain some traction after recording fresh 2020 lows in the 1.0780 region earlier in the week.

In the meantime, extreme “oversold” conditions, as per the RSI indicator, could spark occasional bouts of strength that should face initial hurdle in the 1.0890 region, where sits a Fibo retracement of the 2020 drop and the October 2019 low.

On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1050.

EUR/USD daily chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024