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During today's Asian trading session, EUR/USD continued to decline, but having found support at 1.0448 (200 EMA on the 1-hour chart), it resumed growth at the beginning of the European trading session.
As of writing, the pair is trading near 1.0500, which is a key resistance level of the 50-period moving average on the weekly chart of the EUR/USD.
Above the long-term support at 1.0395 (200 EMA on the daily chart), EUR/USD retains further upside potential, and a break above 1.0500 will confirm the bulls' intention to 'push' the pair higher, up to key resistance levels 1.1035 (144 EMA on the weekly chart), 1.1155 (200 EMA on the weekly chart).
Alternatively, after the breakdown of the 1.0448 support level, EUR/USD will head towards the 1.0395 key support level. Its breakdown will be a signal for the resumption of short positions on EUR/USD, and a breakdown of the 1.0260 support level (144 EMA on the daily chart) will confirm this downside scenario.
As noted in one of our previous reviews, in general, the EUR/USD global downward trend remains, and from a fundamental point of view, we should expect a resumption of decline at least and as a maximum, a further fall of the pair towards 20-year lows, when it was trading near 0.8700, 0.8600.
Support levels: 1.0448, 1.0395, 1.0260, 1.0190, 1.0000, 0.9745, 0.9700, 0.9600, 0.9550, 0.9500
Resistance levels: 1.0500, 1.0600, 1.0700, 1.0750, 1.1035, 1.1100, 1.1150
Trading Tips
Sell Stop 1.0440. Stop-Loss 1.0540. Take-Profit 1.0395, 1.0260, 1.0190, 1.0000, 0.9745, 0.9700, 0.9600, 0.9550, 0.9500
Buy Stop 1.0540. Stop-Loss 1.0440. Take-Profit 1.0600, 1.0700, 1.0750, 1.1035, 1.1100, 1.1150
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