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- EUR/USD has consolidated below MA 200 H1
EUR/USD has consolidated below MA 200 H1
Yesterday the EUR/USD was trading lower and closed the day in the red around the $1.2040. Today it was trading in a narrow range of $1.2035-50, remaining close to yesterday's closing price. On the hourly chart, EUR/USD broke through yesterday and consolidated below the MA (200) H1 ($1.2100) moving average line. On the four-hour chart, it also remains below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the EUR/USD remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.
Resistances levels are at: $1.2080, $1.2120, $1.2165
Support levels are at: $1.2020-25, $1.1980, $1.1950
Probably, the main scenario - is the continuation of the decline to $1.2025 (Feb 17 low). An alternative scenario - may be consolidation above the MA 200 H1, followed by a rise to $1.2165 (Feb 16 high).
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