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- EUR/USD remains below the MA (200) H1
EUR/USD remains below the MA (200) H1
Today EUR/USD is trading in the range of 1.0500-30 after declining from the beginning of the week to the 11-month low of 1.0450. On the hourly chart, the pair remains below the moving average line MA (200) H1(1.0540) and on the four-hour chart it has consolidated below the MA (200) H4 (1.0705). Technically speaking, the strong resistance level at 1.0530-40 may keep prices from further growth. In case it is broken, the pair may rise to 1.0615. The lower boundary of 1.0440-50 represents a support level.
⦁ Resistance levels are: 1.0530-40, 1 0615, 1.0675
⦁ Support levels are: 1.0440-50, 1.0290, 1.0225
The main scenario for the pair suggests a break of support 1.0440-50 (Dec 9’ 2022 lows and Oct 3 low) and there could be a decline to 1.0290 (Oct 30’ 2022 low).
The alternative scenario implies a break of 1.0530-40 (Oct 4 high, MA (200) H1) and there could be a rise to 1.0615 (Sept 29 high).
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