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  • EUR/USD is reversing up from 34-month lows.
  • A deeper correction up is likely underway above the 1.0800 figure.

EUR/USD daily chart 

EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the market is bouncing from 34-month lows. 

EUR/USD four-hour chart

Euro/Dollar broke below a bear channel and is now bouncing from the 1.0800 level. The market is consolidating near the 50 SMA as bulls are looking for a reversal up. However, the spot would need to break beyond the 1.0878 resistance to generate a deeper pullback up 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

Additional key levels