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- EUR/USD is trading near a 5-month high
EUR/USD is trading near a 5-month high
Today, on the hourly chart, EUR/USD is showing a steady upward trend, continuing to grow for the second week in a row and reaching a 5-month high. The price is currently trading around 1.0900 after reaching a local maximum of 1.0950. The MA (200) H1 moving average line (1.0700) is below the current price, which confirms the uptrend. There is a corrective movement on the MACD after a period of high buying activity, but the indicator remains in the positive zone, which confirms the uptrend. The EUR/USD pair retains its growth potential if the 1.0950 level breaks. In case of a pullback, the key support is the 1.0885 level. If fixed below, a decline to 1.0800 is possible.
Resistance levels are: 1.0950, 1.1000, 1.1050
Support levels are: 1.0885, 1.0800, 1.0765
The main scenario for the pair's advance implies a breakout of the resistance of 1.0950 (Oct 10-22 and March 11 high) and there may be an increase to 1.1000 (Oct 8 high)
An alternative scenario suggests a breakout of the session low of 1.0885 and there may be a decline to 1.0800 (March 10 low)
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