EUR/USD New York Price Forecast: Euro bullish recovery stalling near 2019 low, trades near 1.0860 level

 

 

EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the spot is recovering from 34-month lows. EUR/USD is also stalling near the 2019 low at the 1.0879 level.

 

 

Euro/Dollar broke below a bear channel in early February and is now reversing up from the 1.0800 figure. The correction up remains intact as the market is challenging the 1.0900 resistance and the 100 SMA. In fact, the bulls will probably try to break the 1.0900/1.0920 resistance zone to target the 1.0970 level on the way up. Support can be found near the 1.0868 and 1.0835 levels, according to the technical Confluences Indicator.