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- The EUR/USD is testing the resistance of MA 200 H1
The EUR/USD is testing the resistance of MA 200 H1
Yesterday, the EUR/USD traded higher and closed the day in the positive territory around the price of 1.0795. Today it was trading in a narrow range of 1.0785-00, remaining close to yesterday's closing price. On the hourly chart, EUR/USD is testing the strength of resistance - the moving average line MA (200) H1 (1.0810). On the four-hour chart, the pair still remains below the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 1.0825, 1.0845, 1.0880
- Support levels are at: 1.0770, 1.0740, 1.0725
Probably, the main scenario is a continued decline to 1.0770 (the low of the American session on Dec 12).
The alternative scenario involves consolidation above MA 200 H1, followed by growth to 1.0950 (the high of the American session on Nov 30).
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