EUR/USD New York Price Forecast: Euro corrects steep February decline, trades above 1.0850 level

 

 

EUR/USD is trading in a downtrend below its main daily simple moving averages (SMAs) as the quote is correcting up from 34-month lows. The spot is also trading just below the 2019 low. 

 

 

EUR/USD broke below a bear channel and is now bouncing from the 1.0800 level. As the market is consolidating above the 50 SMA, buyers are probably looking for an extension of the reversal up on a break beyond the 1.0883 resistance en route towards the 1.0923 and 1.0985 price levels. Support is seen near and 1.0800 and 1.10754 price levels, according to the Technical Confluences Indicator.