31 January 2024

EUR/USD is trading near a 6-week low.

EUR/USD is trading in the 1.0805-50 range today, after declining this week to a new 6-week low of 1.0795. On the hourly chart, the pair fell below the MA (200) H1(1.0860) moving average line. On the four-hour chart, EUR/USD fell below the MA (200) H4 (1.0935). Technically speaking, the resistance level at 1.0860 may keep prices from further declines. In case it is broken, the pair may rise to 1.0900. The lower boundary of 1.0795 represents a strong support level.


Resistance levels are: 1.0860, 1.0885-1.0900, 1.0930


Support levels are: 1.0795, 1.0770, 1.0725


The main scenario for the pair suggests a break of support at 1.0795 (Jan 29 low) and may be a decline to 1.0770 (Dec 13 low).

The alternative scenario implies a break of resistance at 1.0860 (Jan 30 high, MA (200) H1) and there could be a rise to 1.0885-1.0900 (Jan. 25-26 highs).


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