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- EUR / USD is testing the MA (200) H1.
EUR / USD is testing the MA (200) H1.
The EUR/USD pair is mostly declining today from 1.0585 to 1.0520 and is testing the MA (200) H1 moving average line (1.0530) on the hourly chart. The pair is trading slightly above the 11-month low of 1.0450 reached last week. On the four-hour chart, the pair remains below the MA (200) H4 (1.0685). Technically speaking, the strong support level at 1.0480 may keep prices from further declines. In case of its breakdown, the pair may fall to 1.0440-50. The upper boundary of 1.0675 represents a strong resistance level.
⦁ Resistance levels are: 1.0600-15, 1 0675, 1.0740
⦁ Support levels are: 1.0480, 1.0440-50, 1.0290
The main scenario for the pair suggests a break of support at 1.0480 (Oct 6 low) and maybe a decline to 1.0440-50 (Dec 7’ 2012 low, Oct 3 low).
The alternative scenario implies a rise to 1.0600-15 (Sep 29 and Oct 6 highs) and then maybe to 1.0675 (Sept 21-22 high)
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