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- EUR / USD dropped to a monthly low
EUR / USD dropped to a monthly low
The EUR/USD pair continues to decline on Friday and dropped from 1.0800 to a monthly low of 1.0735. The pair broke through the 1.0790 support, which became the nearest resistance. On the hourly chart, EUR/USD fell below the moving average line MA (200) H1 (1.0850) and on the four-hour chart below MA (200) H4 (1.0800). Technically speaking, the support of 1.0725 can keep EUR/USD from further decline. In case of breaking through this level, the pair may fall to 1.0675. The upper limit of 1.0915 represents a strong resistance level.
⦁ Resistance levels are: 1.0790, 1.0850, 1.0915
⦁ Support levels are: 1.0725-35, 1.0675, 1.0650
The main scenario for the pair's promotion assumes a breakout of support 1.0725-35 (May 9 low, session minimum) and there may be a decrease to 1.0940 (May 2 low)
An alternative scenario implies a breakout of the resistance of 1.0790 (May 30 low) and MA (200) H1 (1.0850) may be an increase to 1.0915 (June 4 high).
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