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- EUR/USD rose to a new 4-month high
EUR/USD rose to a new 4-month high
An uptrend continues to be observed on the EUR/USD hourly chart today. The pair rose from 1.0830 to 1.0920, reaching a new 4-month high. The MA (200) H1 moving average line (1.0645) is below the current price, which confirms the uptrend. However, the MACD histogram shows a weakening of the upward momentum, but remains in the positive zone for now. If the columns start to decline, a correction can be expected.The current trend is bullish, but a short-term correction is possible. Purchases are preferable when rolling back to the supports, and to confirm further growth, wait for the breakdown of the 1.0920 resistance.
Resistance levels are: 1.0920-40, 1.0955, 1.0980
Support levels are: 1.0805, 1.0765, 1.0675
The main scenario for the pair's advance implies a breakout of the resistance of 1.0920-40 (Nov 5-6 highs, session maximum) and there may be an increase to 1.0955 (Oct 10-11 high)
An alternative scenario suggests a decline to 1.0805 (March 10 low) and then maybe to 1.0765 (March 6 low).
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