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- EUR / USD retreated from a six-week low
EUR / USD retreated from a six-week low
Today, the EUR / USD pair rose from $1.2070 to $1.2135, after hitting a six-week low of $1.2050 yesterday. On the hourly chart, the pair is trading below the moving average line MA (200) H1 ($1.2165), and on the four - hour chart-below MA (200) H4 ($1.2180). Technically speaking, the strong support level of $1.2040-50 has so far kept EUR/USD from further decline. If it breaks through, the price may fall to $1.2000. The $1.2165-75 area is the nearest resistance. If it is passed, then the pair may be followed by a correction to $1.2220. The most likely range of movement of the pair for today can be hidden within the range of $1.2050-1.2175.
⦁ Resistance levels are: $1.2165-75, $1.2220, $1.2285
⦁ Support levels are: $1.2040-50, $1.2000, $1.1920
The main scenario for promoting the pair - breakout of the support of $1.2040-50 (December 2 and 9, January 18 lows) and, perhaps, a decline in the pair to $1.2000 (November 30 high, psychological level)
An alternative scenario - breakout of the resistance is $1.2165-75 (January 14 high, MA (200) H1) and the pair may rise to $1.2220 (January 13 high)
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