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- EUR/USD is testing MA (200) H1
EUR/USD is testing MA (200) H1
Today, the hourly chart of EUR/USD shows a recovery after a strong downward movement. After reaching a local low around 1.1305, the price bounced up and is currently trading near 1.1385, trying to overcome the MA (200) H1 moving average, which is now acting as resistance. The MACD histogram began to show a recovery: the histogram moved into a positive zone, indicating a weakening of the downward momentum and the possible beginning of an upward correction. In the short term, there is a potential formation of a "double bottom", which may indicate an upward trend reversal, especially if the price manages to gain a foothold above MA (200) H1 and break through the resistance of 1.1440. However, if the breakdown is rejected and returns below 1.1305, the bearish scenario will strengthen with a possible test of 1.1260.
Resistance levels are: 1.1440, 1.1575, 1.1620
Support levels are: 1.1305, 1.1260, 1.1145
The main scenario for the pair's advance implies a breakout of the resistance of 1.1440 (April 23 high) and there may be an increase to 1.1575 (April 21 high)
An alternative scenario assumes a breakout of the support 1.1305 (April 23 low) and there may be a decline to 1.1260 (April 15 low)
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