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- EUR/USD is trading near a 5-week high
EUR/USD is trading near a 5-week high
Today, the EUR/USD pair is mainly growing in the range of 1.0860-95 after rising yesterday to a 5-week high of 1.0900. The pair broke through the resistance of 1.0845, which became the closest support. On the hourly chart, the pair has consolidated above the MA (200) H1 moving average line (1.0810). The situation is similar on the four-hour chart. Technically speaking, the resistance of 1.0915 may keep EUR/USD from further growth. If this level is broken, the pair may rise to 1.0940. The lower bound of 1.0800 represents a strong support level.
⦁ Resistance levels are: 1.0900-15, 1.0940, 1.0980
⦁ Support levels are: 1.0845, 1.0800-10, 1.0710
The main scenario for the pair's advance assumes a breakout of the resistance area of 1.0900-15 (June 4, 6-7 and July 11 highs) and there may be an increase to 1.0940 (March 20 high)
An alternative scenario implies a breakout of support at 1.0845 (July 8 high) and may be a decrease to 1.0800-10 (July 5, 7-10 lows, MA (200) H1)
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