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- The EUR/USD is trading near August highs
The EUR/USD is trading near August highs
Yesterday, the EUR/USD traded higher and closed the day in the positive territory around the price of 1.0875. Today the pair was trading in a narrow range of 1.0865-80, remaining close to the August highs. On the hourly chart, EUR/USD is still trading above the moving average line MA (200) H1 (1.0705). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1.0885, 1.0920, 1.0945-50
- Support levels are at: 1.0825, 1.0700, 1.0655-65
Probably, the main scenario is a resumption of growth to 1.0885 (Nov 14 high).
The alternative scenario involves consolidation below MA 200 H1, followed by a decline to 1.0620 (Nov 3 low).
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