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- The EUR/USD trading near Oct lows 2002
The EUR/USD trading near Oct lows 2002
Yesterday the EUR/USD traded in different directions in the range of $0.9810-$0.9905 and closed the day without significant changes. Today it was also trading in a tight range of $0.9820-50, staying close to the October 2002 lows. On the hourly chart, EUR/USD is still trading below the MA (200) H1 moving average line ($0.9970). 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: $0.9905, $0.9935, $1.0000
Support levels are at: $0.9800-10, $0.9700, $0.9600
Probably, the main scenario is a continued decline towards $0.9810 (Sep 22 low).
Alternative scenario is consolidation above MA 200 H1, followed by a rise to $1.0195 (Sep 12 high).
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