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- EUR/USD reached its lowest level since 2022
EUR/USD reached its lowest level since 2022
Today, the EUR/USD pair fell sharply from 1.0500 to 1.0335, reaching its lowest level since 2022, as weaker-than-expected PMI data increased concerns about Europe's economic prospects. On the hourly chart, the pair fell below the moving average line MA (200) H1 (1.0560) and on the four-hour chart below MA (200) H4 (1.0770). Technically speaking, the support of 1.0335 has so far kept EUR/USD from further decline. If this level is passed, the pair may fall to 1.0225. The upper limit of 1.0560 represents a strong resistance level.
It is also worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 1.0500, 1.0560, 1.0610
⦁ Support levels are: 1.0335, 1.0225, 0.9935
The main scenario for the pair's promotion assumes a breakout of the session low of 1.0335 and may be a decrease to 1.0225 (Nov 21’ 2022 low)
An alternative scenario implies a breakout of the session maximum of 1.0500 and may be an increase to 1.0560 (Nov 21 high, MA (200) H1)
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