1 February 2024

EUR/USD fell to a new 6-week low

Today, the EUR/USD pair is trading in the range of 1.0780-1.0820, reaching a new 6-week low of 1.0780. On the hourly chart, the pair fell below the MA (200) H1 (1.0855) moving average line. On the four-hour chart, EUR/USD fell below the MA (200) H4 (1.0930). Technically speaking, the resistance level of 1.0855 may keep prices from further declines. In case it is broken, the pair may rise to 1.0900. The lower boundary of 1.0725 represents a strong support level.


Resistance levels are: 1.0855, 1.0885-1.0900, 1.0930


Support levels are: 1.0770-80, 1.0725, 1.0655


The main scenario for the pair suggests a break of support at 1.0770-80 (Dec 13 low, session low) and may be a decline to 1.0725 (Dec 8 low).

The alternative scenario implies a breakout of the MA (200) H1 (1.0855) and there could be a rise to 1.0885-1.0900 (Jan 25-26 highs).

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