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- EUR/USD has retreated from the 5-week high.
EUR/USD has retreated from the 5-week high.
Today, the EUR/USD pair is mostly down from 1.0720 to 1.0665, having retreated from the 5-week high of 1.0755 reached yesterday. On the hourly chart, the pair remains above the MA (200) H1 moving average line (1.0620). On the four-hour chart, the situation is similar. Technically speaking, the strong support level of 1.0610-20 may keep prices from further decline. In case it is broken, the pair may fall to 1.0520. The upper boundary of 1.0770 represents a strong resistance level.
⦁ Resistance levels are: 1.0755-70, 1 0885, 1.0945
⦁ Support levels are: 1.0610-20, 1.0520, 1.0480-95
The main scenario for the pair suggests correction and growth to 1.0755-70 (Sept 12 and Nov 6 highs) and maybe growth to 1.0885 (Sep 4 high).
The alternative scenario implies a break of support at 1.0610-20 (Nov 3 low, MA (200) H1) and then maybe to 1.0520 (Nov 1 low).
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