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- The EUR/USD is again trading below the MA 200 H1
The EUR/USD is again trading below the MA 200 H1
Yesterday the EUR/USD traded lower and closed the day in the red zone near the price of $1.0540. Today it was trading in a narrow range of $1.0515-50, staying close to yesterday's closing price. On the hourly chart, EUR/USD is again trading below the MA (200) H1 moving average line ($1.0565). The situation is similar on the four-hour chart. 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 entry points to sell for the formation of a correction.
Resistances levels are at: $1.0605, $1.0640-55, $1.0695
Support levels are at: $1.0495, $1.0470, $1.0400
Probably, the main scenario is continued decline towards $1.0495 (May 5 low).
An alternative scenario is a fixation above MA 200 H1, followed by growth to $1.0760 (high of the American session on Apr 25).
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