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- EUR/USD trades near 11-month low
EUR/USD trades near 11-month low
Today, the EUR/USD pair is trading in the range of 1.0460-95 - near a new 11-month low. On the hourly chart, the pair is below the 200 MA (200) H1 moving average line (1.0580) and on the four-hour chart, it has consolidated below the 200 MA H4 (1.0725). Technically speaking, the strong support level of 1.0440-60 may keep prices from further decline. In case of its breakdown, the pair may fall to 1.0290. The upper boundary of 1.0615 represents a resistance level.
⦁ Resistance levels are: 1.0495, 1 0580, 1.0615
⦁ Support levels are: 1.0440-60, 1.0290, 1.0225
The main scenario for the pair suggests a break of support 1.0440-60 (Dec 9’ 2022 lows and Oct 2 low) and there could be a decline to 1.0290 (Oct 30’ 2022 low).
The alternative scenario implies a break of the session high of 1.0495 and H1 MA (200) (1.0580) and there could be a rise to 1.0615 (Sept 29 high).
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