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- EUR/USD is trading near a 5-week high
EUR/USD is trading near a 5-week high
On Friday, the EUR/USD pair mostly rose from 1.0410 to a 5-week high of 1.0520, but closed trading with a slight decline near the price of 1.0490. Today, the pair started trading with a decline from the closing level of 1.0490 to 1.0460. On the hourly chart, EUR/USD remains above the MA (200) H1 moving average line (1.0370) and above MA (200) H4 (1.0395) on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair is fixed above the MA 200 H1, it is necessary to look for entry points to buy at the end of the correction.
Resistance levels are at: 1.0520-40, 1.0595, 1.0630
Support levels are at: 1.0410, 1.0370, 1.0340
The main scenario for the pair's advance still assumes growth towards 1.0520-40 (Dec 11 and 17 and Jan 24 high) and then maybe to 1.0595 (Dec 7 high)
An alternative scenario implies a breakout of the support 1.0410 (Jan 24 low) and a possible decline to 1.0370 (Jan 23 low, MA (200) H1)
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