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- EUR/USD is trading near an 8-month high
EUR/USD is trading near an 8-month high
Today, the EUR/USD pair is trading in the range of 1.1070-90 - about the 8-month high reached yesterday. The pair broke through the resistance of 1.1050, which became the closest support. On the hourly chart, the pair rose above the moving average line MA (200) H1 (1.0980) and on the four-hour chart above MA (200) H4 (1.0895). In this situation, a scenario of further growth of the EUR/USD pair is likely. Technically speaking, the resistance of 1.1140 is still keeping EUR/USD from further growth. If this level is passed, the pair may rise to 1.1230. The lower bound of 1.0950 represents a strong support level.
⦁ Resistance levels are: 1.1140, 1.1230, 1.1275
⦁ Support levels are: 1.1050, 1.0950, 1.0880
The main scenario for the pair's promotion assumes an increase to 1.1140 (Dec 28 high) and then, maybe, to 1.1230 (June 20’ 2023 high)
An alternative scenario implies a breakout of support 1.1050 (Aug 14 high) followed by a likely decline to 1.0950 (Aug 15 low)
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