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- The EUR/USD is trading near October 2023 lows
The EUR/USD is trading near October 2023 lows
On Friday, the EUR/USD traded mixed in the 1.0515-1.0595 range and closed the day without significant changes. Today it also traded in the 1.0530-50 range, remaining near the October 2023 lows. On the hourly chart, EUR/USD is still trading below the MA (200) H1 moving average line (1.0660). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 1.0595, 1.0655, 1.0690
- Support levels are at: 1.0495, 1.0450, 1.0400
Probably, the main scenario is a continuation of the decline to 1.0495 (Nov 14 low).
The alternative scenario is final consolidation above MA 200 H1, followed by growth to 1.0935 (Nov 6 high).
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