EUR/USD rose to the maximum of February 2022

There is a pronounced upward trend on the EUR/USD hourly chart today. After a prolonged consolidation in the range below the level of 1.0980, the price confidently broke through this level and began to grow rapidly, overcoming the resistances at 1.1145 and 1.1245. At the moment, the price reached the February 2022 maximum of 1.1470, after which a minor correction began. The MA (200) H1 moving average (1.0980) has turned up and now confirms the presence of a stable uptrend. The price is trading significantly above the average, which indicates the strength of buyers. The MACD indicator shows steady positive dynamics: the histogram is in the zone of positive values and shows steady growth, which confirms the presence of a strong bullish momentum. However, the last bars of the histogram began to decline slightly, which may indicate a possible short-term correction.

If the correction continues, the level of 1.1245 and 1.1245 may act as support. If growth resumes, the immediate target will be the 1.1470 level. Overall, as long as the price remains above the 1.1145 level, the overall sentiment for the pair remains bullish.

Resistance levels are: 1.1470, 1.1510 1.1640

Support levels are: 1.1245, 1.1145, 1.0980

The main scenario for the pair's advance implies a breakout of the session high of 1.1470 and there may be an increase to 1.1510 (Feb 10’ 2022 high)

An alternative scenario suggests a breakout of the low of the European session of 1.1245 and there may be a decline to 1.1145 (April 3 high)