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- The EUR/USD still remains below MA 200 H1
The EUR/USD still remains below MA 200 H1
Yesterday the EUR/USD traded higher and closed the day in the positive territory around $1.0715. Today it was trading in a narrow range of $1.0710-25, staying close to yesterday's closing price. On the hourly chart, EUR/USD is still trading below the moving average MA (200) H1 ($1.0720). 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 for selling at the end of the correction.
Resistances levels are at: $1.0750, $1.0770-80, $1.0800
Support levels are at: $1.0665-75, $1.0635, $1.0615
Probably, the main scenario is continued decline towards $1.0675 (Jun 5 low).
The alternative scenario is consolidation above MA 200 H1, followed by a rise to $1.0800 (May 24 high).
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