EUR/USD needs to flip 1.0760 into support to extend its rebound

EUR/USD has recovered modestly from two-year lows set at the beginning of the week. Euro needs to stabilize above 1.0760 for sellers to take a break, FXStreet’s Eren Sengezer reports.

1.0760 aligns as a key resistance in the near-term

“1.0760 (former support, static level) aligns as the first hurdle. In case the pair rises above that level and starts using it as support, it could extend its correction toward 1.08 (psychological level) and 1.0820 (20-period SMA, 50-period SMA).”

“On the downside, significant near-term support seems to have formed at 1.07 (psychological level) following the sharp decline witnessed in the early Asian session. With a four-hour close below that level, additional losses toward 1.0640 (March 2020 low) could be witnessed.”