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- EUR/USD is trading near a 4-month high
EUR/USD is trading near a 4-month high
An uptrend continues to be observed on the EUR/USD hourly chart today. The pair is trading in the range of 1.0805-75, remaining near the 4-month high of 1.0890 reached on Friday. The MA (200) H1 moving average line (1.0600) is below the current price, which confirms the uptrend. However, the MACD histogram shows a slowdown in the upward momentum, which may signal a possible correction. The current trend is bullish, but a pullback from the resistance zone of 1.0890 is possible. The key support remains 1.0765. If the price fixes above 1.0890, the growth may continue. In case of correction, a pullback to 1.0765 or 1.0675 is possible.
Resistance levels are: 1.0890, 1.0940, 1.0980
Support levels are: 1.0765, 1.0675, 1.0600
The main scenario for the pair's advance implies a breakout of the resistance at 1.0890 (March 7 high) and there may be an increase to 1.0940 (Nov 5-6 high)
An alternative scenario suggests a decline to 1.0765 (March 6 low) and then maybe to 1.0675 (low of the American session on March 5).
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