Today, the EUR/USD pair is trading in the range of $1.1450-85 - about a 2-month high. On the hourly chart, the pair fixed above the moving average line MA (200) H1 ($1.1355) and on the four-hour chart - above MA (200) H4 ($1.1320). Technically speaking, the resistance of $1.1485-90 may keep the pair from further growth. If it breaks through, prices may soar to $1.1610-20. The lower bound of $1.1435 represents the support level.
It is worth noting that a bearish divergence has formed on the hourly chart according to the MACD indicator, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $1.1485-90, $1.1610-20, $1.1690
⦁ Support levels are: $1.1435, $1.1385, $1.1355
The main scenario for promoting the pair — the resistance breakout is $1.1485-90 (November 11 high, session high) and there may be an increase to $1.1610-20 (November 2-4 and 9 highs)
An alternative scenario — support breakout of $1.1435 (January 13 low) and there may be a decline to $1.1385 (December 31 high)
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