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- EUR/USD is trading near a 4-month high
EUR/USD is trading near a 4-month high
There is a steady uptrend on the EUR/USD hourly chart today. The pair is trading near a 4-month high. The price broke through several key resistance levels and gained a foothold above 1.0800, reaching a local maximum of 1.0825. The MA (200) H1 moving average line (1.0520) is below the price, which confirms the uptrend. The MACD histogram shows a slowdown in the upward momentum: the histogram is decreasing, which may indicate a correction. The main trend remains bullish, but a short-term correction to support levels is possible. Consolidation above 1.0825 may open the way to new highs. In case of a pullback, the nearest targets are 1.0675 and 1.0600.
Resistance levels are: 1.0825, 1.0870, 1.0940
Support levels are: 1.0675, 1.0600, 1.0520
The main scenario for the pair's advance implies a breakout of the session high of 1.0825 and there may be an increase to 1.0870 (Nov 3-4 )
An alternative scenario suggests a decline to 1.0675 (low of the American session on March 5) and then maybe to 1.0600 (March 5 low).
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