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- EUR/USD is trading near a 5-year low
EUR/USD is trading near a 5-year low
Today, the EUR/USD pair is trading in the range of $1.0480-1.0565 - near the lows of January 2017. On the hourly chart, the pair fell below the moving average line MA (200) H1 ($1.0745) and on the four-hour chart - below MA (200) H4 ($1.0910). Technically speaking, the support of $1.0450 can keep prices from further decline. The upper limit of $1.0740 represents the resistance level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $1.0655, $1.0740-45, $1.0815
⦁ Support levels are: $1.0480, $0450, $1.0340
The main scenario for promoting the pair — breakout of the session low of $1.0480 and there may be a decline to $0450 (January 11’ 2017 low)
An alternative scenario — there may be an increase in the pair to $1.0740-45 (April 26 high, MA (200) H1)
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