EUR/USD: Relevant resistance at 1.0840

EUR/USD is recovering from yearly lows. Next relevant resistance emerges at around 1.0840, according to FXStreet’s Chief analyst Valeria Bednarik.

Key quotes

“The 4-hour chart shows that the advance is being capped by a bearish 20 SMA, which maintains its bearish slope far below the larger ones.”

“Technical indicators recover within negative levels, suggesting the upward corrective movement may continue but also that the pair is far from turning bullish.”

“The 23.6% retracement of the latest daily decline comes at 1.0840, a probable bullish target in the short-term.”

“Support levels: 1.0725 1.0690 Resistance levels: 1.0800 1.0840”