EUR/USD recovery looks to the 21-day SMA at 1.0988

0 82
  • EUR/USD is bouncing off its 2020 lows in the 1.0830/25 band (Friday).
  • The next hurdle is the 21-day SMA, near 1.0990.

The sharp decline in the EUR/USD pair appears to have found support in the 1.0830/25 band, or the new 2020 lows recorded at the end of last week.

Extreme “oversold” conditions, as well as improving risk appetite trends, are sustaining the recovery from recent lows, although its extension and duration remains to be seen.

Meanwhile, the next temporary hurdle appears in the 1.0980 (January lows) region. This resistance zone is reinforced by the 21-day simple moving average near 1.0990

Beyond that, while below the 55-day SMA, today at 1.1069, more bearishness should remain expected. Against this background, the next support of importance is aligned at 1.0814, which is the 78.6% Fibo retracement of the 2017-2018 rally.

EUR/USD daily chart

EUR/USD recovery looks to the 21-day SMA at 1.0988



Seize the chance to earn real money instantly!
Take 4 simple steps along the path to success and financial independence
Open a trading account to sign up for MetaTrader 4
Beginner traders can start their career in forex Practice on a demo account
Download MetaTrader 4 - Powerful, reliable and proven trading platform
System requirements: Windows 7 and later versions
platform MetaTrader 4 for Android
System requirements: Android 4.0 and above, 3G/WiFi
platform MetaTrader 4 for iOS
System requirements: iOS 4.0 or later, 3G/Wifi
Deposit to your trading account through any convenient payment system
Great bonuses guarantee your confident start in trading
Bonuses are added ranging in size From 20% to 50% to your account every time you make a deposit
Related topics
التقيمات المضمنة
عرض جميع التعليقات