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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 1.1110-35 - near a new 8-month high of 1.1135, reached yesterday. On the hourly chart, the pair rose above the moving average line MA (200) H1 (1.1000) and on the four-hour chart above MA (200) H4 (1.0905). In this situation, a scenario of further growth of the EUR/USD pair is likely. Technically speaking, the resistance of 1.1140 may keep 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.
However, it is also worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 1.1140, 1.1230, 1.1275
⦁ Support levels are: 1.1070, 1.1000, 1.0950
The main scenario for the pair's promotion assumes a breakout of resistance at 1.1140 (Dec 28 high) and may be an increase to 1.1230 (June 20’ 2023 high)
An alternative scenario implies a breakout of support at 1.1070 (Aug 20 low) and MA (200) H1 (1.1000), followed by a likely decline to 1.0950 (Aug 15 low)
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