EUR/USD New York Price Forecast: Euro trading in 5-day’s highs, nearing 1.1000 figure

 

 

EUR/USD correction continues for the fourth consecutive day with the spot approaching the 1.1000 handle and the 50 SMA on the daily time frame.  

 

 

 

EUR/USD is challenging the 1.0978 resistance located near the 200 SMA on the four-hour chart. The momentum in the correction up remains unabated. A break beyond the above-mentioned level should lead to further upside towards the 1.1012 and 1.1065 in the near term. However, as the underlying tone remains bearish a reversal down cannot be ruled out. Support can be expected near the 1.0921, 1.0898 and 1.0852 levels according to the Technical Confluences Indicator.