Black Pipper

Forex Dreamers

EUR/USD: Upward correction could test 1.1040

The EUR/USD bounced back from the major support in the area of 1.0990. The ongoing recovery could be extended to the 55-day SMA near the 1.1040. Above this level, the downside pressure will ease and there may be a potential 100 day SMA test of 1.1076 and last week’s high of 1.1095/1.1100. If the pair breaks the 1.10, the next support is 1.0990, followed by 1.0930. If selling pressure continues to increase, a fall to the 2019 low of 1.0879 is to be expected.

Technical Levels

S1 1.0986
S2 1.0971
S3 1.0950

R1 1.1022
R2 1.1043
R3 1.1058

 

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