• EUR/USD has reached 1.0885, close to key 25 May 2020 lows.
  • A correction to the prior lows meet with the 38.2% Fibo near 1.1020. 

EUR/USD was a head-turner on Friday as it dropped to afresh cycle lows following the Nonfarm Payrolls that sent the US dollar towards 99 the figure as per the DXY index. The following shows the space below the lows that are in focus for the week ahead. 

EUR/USD monthly chart

The price is on the verge of filling the imbalance left behind from the 2020 rally. In a hypothetical scenario, should the price run deeper for a test of the 1.07s, then a correction from there could target the 1.1100 figure that has a confluence of the 38.2% Fibonacci retracement level. 

EUR/USD daily chart

EUR/USD has reached 1.0885 with 15 pips to go until the low of 25 May lows of 1.0870 that led to the summer rally of 2020. The price, however, is in need of a correction and the prior lows meet with the 38.2% Fibo near 1.1020. 

This article was originally published by Fxstreet.com.Read the original article here.

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