The EUR/USD pair extends its recovery near 1.0688 on Thursday during the early European trading hours.
EUR/USD rebounds to 1.0688 amid the weaker US Dollar on Thursday. The bearish outlook of the pair remains intact below the key 100-period EMA. The first upside target is seen at 1.0700; the initial support level is located at 1.0622. The rebound of the major pair is backed by the selling pressure in the US Dollar Index to 105.78.
Further north, the next hurdle is seen near a low of March 22 and psychological level at 1.0800, en route to a high of April 9 at 1.0885. On the flip side, the initial support level for the major pair is located near a low of April 12 at 1.0622. The next contention level to watch is the 1.0595–1.0600 zone, indicating the lower limit of the Bollinger Band and round mark. Any follow-through selling below the latter will pave the way to a low of November 2 at 1.0565.
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