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- The EUR/USD is trading near a 2-week low
The EUR/USD is trading near a 2-week low
Yesterday, the EUR/USD traded lower and closed the day in the red near 1.0800. Today it traded in a narrow range of 1.0795-05, remaining near a 2-week low. On the hourly chart, EUR/USD is testing support - the moving average line MA (200) H1 (1.0870). On the four-hour chart, the pair is still above the MA 200 H4 line. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair remains above MA 200 H1, it may be necessary to look for entry points for buying at the end of the correction.
- Resistance levels are at: 1.0860, 1.0915, 1.0950-55
- Support levels are at: 1.0780, 1.0765, 1.0740
Probably, the main scenario is a resumption of growth to 1.0860 (Mar 24 high).
An alternative scenario implies consolidation below MA 200 H1, followed by a decline to 1.0780 (Mar 24 low).
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