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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 1.0380-1.0410. Since the beginning of trading, it has been in a downward trend, continuing yesterday's decline and reaching a 2-week low, but then it turned around and began an upward movement. The pair dropped below the MA (200) H1 moving average line (1.0460). The MACD histogram shows an increase in green bars, which indicates a weakening of the bearish momentum and a possible rebound. If the MACD continues to move up, it could lead to a resistance test of 1.0460. In case of a breakdown of the 1.0375 support, we can expect a decline to 1.0320 and below. The current situation is neutral with potential for growth. The market may remain volatile, so it is worth considering the macroeconomic news and the behavior of the US dollar.
Resistance levels are: 1.0460, 1.0490, 1.0530
Support levels are: 1.0375, 1.0320, 1.0280
The main scenario for the pair's advance implies an increase to MA (200) H1 (1.0460) and then, perhaps, to 1.0490 (Feb 27 high)
An alternative scenario suggests a breakout of the support 1.0375 (Feb 13 low) and a possible decline to 1.0320 (Feb 12 low).
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