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- EUR/USD is trading near a 2-month low
EUR/USD is trading near a 2-month low
The EUR/USD pair is trading in the 1.0710-50 range today, after declining yesterday to a 2-month low of 1.0705. On the hourly chart, the pair dipped below the MA (200) H1 (1.0820) moving average line and consolidated below the MA (200) H4 (1.0925) on the four-hour chart. Technically speaking, the strong resistance level at 1.0810-20 may keep prices from rising further. In case it is broken, prices may soar to 1.0880. The lower boundary of 1.0705 represents a support level. If this level is passed, Brent oil prices may follow the correction to 1.0670. The most likely range of price movement for today may be hidden within the 1.0705-1.0820 range.
⦁ Resistance levels are: 1.0810-20, 1 0880, 1.0945
⦁ Support levels are: 1.0705, 1.0670, 1.0635
The main scenario for the pair suggests a break of support at 1.0705 (Sep 5 low) and maybe a decline to 1.0670 (June 6-7 low)
The alternative scenario implies a rise to 1.0810 (Sep 4 high) and then, maybe, to 1.0880 (Sep 1 high).
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