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- EUR / USD is trading near a six-week low
EUR / USD is trading near a six-week low
Today, the EUR / USD pair is trading in the range of $1.2055-85-near a six-week low, after falling on Friday from $1.2160 to $1.2075. On the hourly chart, the pair is trading below the moving average line MA (200) H1 ($1.2195), and on the four - hour chart-below MA (200) H4 ($1.2175). Technically speaking, a strong support level of $1.2040-55 may keep EUR / USD from further decline. If it breaks through, the price may fall to $1.2000. The pair broke through the $1.2110 support, which became the nearest resistance. If this level is passed, the pair may follow a correction to $1.2180-95. The most likely range of movement of the pair for today can be hidden within the range of $1.2040-1.2110.
⦁ Resistance levels are: $1.2110, $1.2180-95, $1.2220
⦁ Support levels are: $1.2040-55, $1.2000, $1.1920
The main scenario for promoting the pair - breakout of the support of $1.2040-55 (December 2 and 9 lows, session low) and, perhaps, a decline in the pair to $1.2000 (November 30 high, psychological level)
An alternative scenario - breakout of the resistance is $1.2110 (January 14 low) and the pair may rise to $1.2180-95 (January 14 high, MA (200) H1)
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