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- EUR / USD retreated from a monthly low
EUR / USD retreated from a monthly low
Today, the EUR/USD pair is mainly growing from 1.0785 to 1.0830, having regained almost all the positions lost yesterday. Yesterday, the pair dropped to a monthly low of 1.0780. On the hourly chart, the pair can test the strength of the moving average line MA (200) H1 (1.0835) and on the four-hour chart it tests MA (200) H4 (1.0810). Technically speaking, the support of 1.0780 kept EUR/USD from further decline. In case of breaking through this level, the pair may fall to 1.0710. The upper limit of 1.0870 represents a strong resistance level.
⦁ Resistance levels are: 1.0835-50, 1.0870, 1.0905
⦁ Support levels are: 1.0780, 1.0710, 1.0665
The main scenario for the pair's promotion assumes a decline to 1.0780 (Aug 1 low) and then maybe to 1.0710 (July 2 low)
An alternative scenario implies a breakout of the 1.0835-50 area (July 31 and Aug 1 highs, MA (200) H1) and there may be an increase to 1.0870 (July 25-29 high)
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