Yesterday the EUR/USD traded higher and closed the day in the positive territory near the price of 1.0860. Today the pair was trading in a narrow range of 1.0860-75, staying close to yesterday's closing price. On the hourly chart EUR/USD is still trading below the moving average line MA (200) H1 (1.0890). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the pair remains below MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.
Probably, the main scenario is a continuation of the decline towards 1.0835 (the low of the American session on Aug 23).
The alternative scenario is consolidation above MA 200 H1, followed by rise to 1.1005 (Aug 11 high).
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