EUR/USD is trading near the lows of January 2017

Today, the EUR/USD pair is trading in the range of $1.0370-1.0420 after reaching yesterday the lowest value since the beginning of January 2017 ($1.0355). The pair broke through the support of $1.0470, which became the nearest resistance. On the hourly chart, EUR/USD dropped below the moving average line of MA (200) H1 ($1.0520) and on the four-hour chart - significantly below MA (200) H4 ($1.0750). Technically speaking, the support of $1.0355 may keep prices from further decline. The upper limit of $1.0520-30 represents the resistance level.

It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.

⦁ Resistance levels are: $1.0420, $1.0470, $1.0520-30

⦁ Support levels are: $1.0355, $0340, $0300

The main scenario for promoting the pair  — a break of yesterday's low of $1.0355 and there may be a decline to $0340 (January 3’ 2017 low)

An alternative scenario — breakout of the session high of $1.0420 and there may be an increase to $1.0520-30 (May 12 high, MA (200) H1)