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- EUR/USD remains in an uptrend
EUR/USD remains in an uptrend
Today, the EUR/USD pair is trading in the range of 1.0905-60, having reached a new 5-month high. The pair is showing a steady uptrend, gaining a foothold above key support levels. There is a steady upward movement on the hourly chart, confirmed by the growth of candles and the price finding above the MA (200) H1 moving average line (1.0870), which acts as a dynamic support. The MACD indicator shows a slowdown in momentum, but remains in the positive zone for now, which indicates that bullish sentiment remains. The nearest resistance is the 1.0960 level, with a breakdown of which an increase to 1.1000 is possible. Support is in the area of 1.0870, and in case of correction to this level, it is possible to resume purchases. The overall picture remains positive, but it is worth considering the possibility of pullbacks before continuing growth.
Resistance levels are: 1.0960, 1.1000, 1.1050
Support levels are: 1.0870, 1.0820, 1.0765
The main scenario for the pair's advance implies a breakout of the session high of 1.0950 (Oct 10-11 high) and there may be an increase to 1.1000 (Oct 8 high)
An alternative scenario assumes a breakout of support at 1.0870 (March 17 low, MA (200) H1), a decline to 1.0820 (March 13 low) and then, maybe, to 1.0765 (March 6 low)
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