- The common currency is recovering from multi-month lows on broad-based USD weakness.
- The level to beat for buyers is at the 1.1042 resistance level.
EUR/USD daily chart
On the daily time-frame, the shared currency is trading in a bear trend below the main daily simple moving averages (DSMAs). On Tuesday, the United States ISM Manufacturing PMI dropped to three-year low at 49.1. The data triggered broad-based USD weakness.
Earlier in the London session, European Central Bank’s (ECB) nominated President Christine Lagarde made dovish comments regarding the monetary policy. However, the Euro didn’t have any bearish reaction.
EUR/USD four-hour chart
EUR/USD is trying to settle above the 1.1020 support level as the market is trading below the main SMAs. Bears will need to reclaim the 1.1020, 1.0997 and 1.0968 levels if they intend to resume the bear trend, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is trading above the 1.1020 support level and the main SMAs, suggesting a correction up in the near term. If bulls overcome the 1.1042 resistance, the market could continue climbing towards 1.1073 resistances and potentially to the 1.1100 figure, according to the Technical Confluences Indicator.
Additional key levels
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