EUR/USD Asia Price Forecast: Euro embryonic recovery, trades near 1.0800 level

 

 

 

EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs) as the quote is under bearish pressure near 34-month lows. This Wednesday EUR/USD is ending the day on its high however the bulls will have much more work to do to create a convincing recovery.

 

 

Euro/Dollar broke below a descending channel while trading well below its main SMAs on the four-hour chart. On the third day of the week, the quote pressured multi-year lows and had a modest bounce above the 1.0800 level. EUR/USD remains vulnerable below the 1.0793 level as bears want to target the 1.0748 and 1.0725 levels. On the flip side, bulls want to regain the 1.0838 level to trade towards a stronger resistance near 1.0883 level, according to the Technical Confluences Indicator.