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- EUR/USD declines and tests MA (200) H1
EUR/USD declines and tests MA (200) H1
Today, the EUR/USD pair is mostly declining from 1.0920 to 1.0835 after rising this week to a new 5-month high of 1.0960. The pair is showing a downward trend on the hourly timeframe after reaching a local maximum near the level of 1.0960. The price broke through the MA (200) H1 moving average line (1.0890) from top to bottom, which confirms the trend change to bearish. The nearest support level is at 1.0820, and if it breaks through, the next target will be 1.0765. The MACD indicator shows a decrease in the histogram below the zero level, which also indicates an increase in bearish pressure. In the case of a pullback, a retest of the 1.0920 level is possible, which now acts as a resistance. The general trend indicates a likely continuation of the downward correction.
Resistance levels are: 1.0920, 1.0960, 1.1000
Support levels are: 1.0820, 1.0765, 1.0675
The main scenario for the pair's advance implies a breakout of the session high of 1.0920 and there may be an increase to 1.0950 (Oct 10-11 and March 18 high)
An alternative scenario suggests a breakout of support at 1.0820 (March 13 low) and a possible decline to 1.0765 (March 6 low)
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