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- EUR/USD is trading near a new 20-year low
EUR/USD is trading near a new 20-year low
Today, the EUR/USD pair is trading in the range of $0.9535-0.9605, having reached a new 20-year low. On the hourly chart, the pair dropped below the MA (200) H1 moving average line ($0.9820). On the four-hour chart, the pair remains below MA (200) H4 ($0.9980). In this situation, the scenario of a further decline in the EUR/USD pair is likely. And as long as the pair remains below MA (200) H1, finding a sell position may be a wise decision. Technically speaking, the support of $0.9535 can keep prices from further decline. The upper limit of $0.9820-55 represents the resistance level.
It is worth noting that a bullish 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: $0.9705, $0.9820-55, $0.9910
⦁ Support levels are: $0.9535, $0.9500, $0.9400
The main scenario of the pair's promotion assumes a breakout of the session minimum of $0.9535, followed by a likely decline to the psychological level of $0.9500
An alternative scenario is a breakout of the resistance of $0.9705 (September 26 high) and there may be an increase to $0.9820-55 (September 23 high, MA (200) H1)
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