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- EUR/USD is trading near a 2-week low
EUR/USD is trading near a 2-week low
Today, the EUR/USD pair is trading in the range of 1.1040-65 - around the 2-week low of 1.1025 reached yesterday. The pair retreated further from the 14-month high and the psychological level of 1.1200 reached last week. On the hourly chart, EUR/USD fell slightly below the moving average line MA (200) H1 (1.1110), but on the four-hour chart it remains above MA (200) H4 (1.0975). Technically speaking, the support of 1.1025 has so far kept EUR/USD from further decline. If this level is passed, the pair may fall to 1.0950. The upper limit of 1.1200 represents a strong resistance level.
⦁ Resistance levels are: 1.1095, 1.1140, 1.1200
⦁ Support levels are: 1.1025, 1.0950, 1.0880
The main scenario for the pair's promotion assumes a breakout of resistance 1.1095-1.1110 (Aug 30 high, MA (200) H1) and 1.1140 (Aug 29 high) and there may be an increase to 1.1200 (Aug 23-26 high)
An alternative scenario implies a breakout of support at 1.1025 (Sep 3 low) followed by a likely decline to 1.0950 (Aug 15 low)
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