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- EUR/USD is testing MA (200) H1
EUR/USD is testing MA (200) H1
Today, the EUR/USD pair is trading in the range of 1.0830-60 and is testing the MA (200) H1 (1.0850) moving average line on the hourly chart. On the four-hour chart, the pair remains above MA (200) H4 (1.0750). Note that EUR/USD is trading slightly below the 2-month high of 1.0895 reached ten days ago. Technically speaking, the support of 1.0840 may keep the pair from further decline. If it breaks through, EUR/USD may fall to 1.0805. The upper limit of 1.0895 represents a strong resistance level.
⦁ Resistance levels are: 1.0890-95, 1.0940, 1.0980
⦁ Support levels are: 1.0840, 1.0805, 1.0760
The main scenario for the pair's promotion assumes a breakout of the resistance of 1.0890-95 (May 16 and 28 highs) and may be an increase to 1.0940 (March 21 high)
An alternative scenario implies a breakout of support at 1.0840 (May 27 low) and may be a decline to 1.0805 (May 23-24 low).
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