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- EUR/USD is trading near a 6-week high
EUR/USD is trading near a 6-week high
Today, the EUR/USD pair is trading in the range of $1.0980-1.1015 - about a 6-week high. The pair broke through the resistance of $1.0970, which became the closest support. On the hourly chart, the pair rose above the moving average line MA (200) H1 ($1.0880) and on the four-hour chart above MA (200) H4 ($1.0820). Technically speaking, the resistance of $1.1055 may keep prices from rising further. The lower bound of $1.0880-90 represents a strong support level.
⦁ Resistance levels are: $1.1055, $1.1090, $1.1185
⦁ Support levels are: $1.0970, $1.0880-90, $1.0805
The main scenario of the pair's promotion assumes a breakout of the resistance of $1.1055 (May 8 high) and there may be an increase to $1.1090 (May 3-4 high)
An alternative scenario implies a breakout of the support of $1.0970 (June 16 high) and there may be a decline to $1.0880-90 (June 20 high, MA (200) H1)
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