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26 Mar 2020
EUR/USD Asia Price Forecast: Euro correction picks up steam, nearing 1.0900 figure
- EUR/USD retracement up challenges the 1.0900 figure and the 50SMA on the four-hour chart.
- It is unclear how far the pullback up can go as bearish pressure could come back any time.
EUR/USD daily chart
After a sharp selloff in early March, EUR/USD is consolidating off 37-month lows as the market is trading below its main SMAs on the daily chart suggesting an underlying bearish bias.
EUR/USD four-hour chart
Bulls are having another go at the 1.0900 resistance near the 50 SMA on the four-hour chart. If the level is broken to the upside EUR/USD could accelerate towards the 1.0972 resistance level. However, as the main trend remains bearish, sellers could come back anytime with an initial retest of the 1.0860, 1.0825 and 1.0780 levels on the way down, according to the Technical Confluences Indicator.
Resistance: 1.0900, 1.0972, 1.1000
Support: 1.0860, 1.0825, 1.0780
Additional key levels