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- EUR/USD is trading near a 6-month high
EUR/USD is trading near a 6-month high
Today, the hourly chart of the EUR/USD currency pair shows a steady upward momentum after a long period of consolidation and decline. The pair is trading in a wide range of 1.0965-1.1110 after rising to a 6-month high of 1.11145 yesterday. The MACD indicator shows a slowdown in the upward momentum, which may indicate a possible further correction. However, the MA (200) H1 moving average line (1.0840) is still below current prices, which confirms the ongoing bullish trend. The nearest support levels are at 1.0965 and 1.0905, while resistance is at 1.1110 and 1.1145. If the price stays above 1.0965, a new round of growth is possible. Otherwise, a breakdown of this level downwards may lead to a deepening correction.
Resistance levels are: 1.1050, 1.1110, 1.1145
Support levels are: 1.0920, 1.0860, 1.0805
The main scenario for the pair's advance implies a breakout of the session high of 1.1050 and there may be an increase to 1.1110 (April 4 high)
An alternative scenario suggests a breakout of the session low of 1.0920, a decline to MA (200) H1 (1.0860) and then maybe to 1.0805 (April 3 low)
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