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- EUR/USD is trading near a 3-week high
EUR/USD is trading near a 3-week high
Today, the EUR/USD pair is trading in the range of 1.0755-80 after rising on Friday to a new 3-week high of 1.0815. On the hourly chart, the pair rose slightly above the moving average line MA (200) H1 (1.0725) and on the four-hour chart it is testing MA (200) H4 (1.0750). Technically speaking, the resistance level of 1.0815 may keep prices from rising further. If it breaks through, the pair may rise to 1.0885. The lower bound of 1.0650 represents a strong support level.
⦁ Resistance levels are: 1.0815, 1.0865-85, 1.0940
⦁ Support levels are: 1.0725, 1.0650, 1.0600
The main scenario for the pair's advance assumes a breakout of resistance at 1.0815 (May 3 high) and may be an increase to 1.0865-85 (April 9-10 high).
An alternative scenario implies a breakout of the support 1.0725 (May 3 low, MA (200) H1) and there may be a decrease to 1.0650 (May 1 low).
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