EUR/USD Price Analysis: Euro bounces from session’s lows, nearing 1.1065 level

 

 

EUR/USD bounced sharply from the 2020 lows while challenging the main SMAs on the four-hour chart. This Friday the correction up seems to decelerate near the 200 SMA on the daily chart and below the 1.1100 figure.  

 

 

EUR/USD bulls are maintaining the pressure unabated as the week is coming to an end. EUR/UDS is trading above the 1.1000 psychological level and the 200 SMA on the four-hour chart. Above those levels, buyers should remain in control. However, a daily close below the 1.1000/1.0973 support zone can reignite the longer-term bearish trend with potential further weakness towards the 1.0904 level in the medium-term horizon, according to the Technical Confluences Indicator.