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- EUR/USD consolidates after recent decline
EUR/USD consolidates after recent decline
Today, the EUR/USD pair is trading in the range of 1.0815-60 after rising last week to a new 5-month high of 1.0960. The hourly chart shows consolidation after the recent decline. The price is trading near the 1.0845 level, remaining below the MA (200) H1 moving average line (1.0880), which indicates continued bearish sentiment. The main resistance levels are at 1.0880 and 1.0960, while the nearest support is at 1.0800 and below at 1.0765. The MACD indicator shows a weak bearish momentum, but a rebound is possible in the event of a breakdown of the nearest resistance. In general, as long as the pair remains below the MA (200), the risk of further decline remains, and a move above 1.0880 may signal a trend change.
Resistance levels are: 1.0865-80, 1.0960, 1.1000
Support levels are: 1.0765-1.0800, 1.0675, 1.0600
The main scenario for the pair's advance implies a breakout of 1.0865-80 (March 21 high, MA (200) H1) and there may be an increase to 1.0950 (Oct 10-11 and March 18 high)
An alternative scenario assumes a breakout of the 1.0765-1.0800 area (March 6-11 and 21 lows) and there may be a decline to 1.0675 (low of the American session on March 5)
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