EUR/USD is testing MA (200) H1

Today, the hourly chart of EUR/USD shows consolidation in the range of 1.1310-1.1440 after declining from peaks on April 18-21. The MA (200) H1 moving average (1.1400) acts as a dynamic resistance, which indicates the predominance of downward pressure in the short term. As long as the price is below this average, the chances of a continuation of the downward movement remain.

The MACD indicator shows weak activity: the histogram fluctuates around zero, which indicates the absence of a clearly defined trend and indicates a phase of uncertainty. However, after recent growth, the indicator has begun to form descending bars, which may indicate the fading of the bullish momentum.

In general, the technical picture is neutral-bearish: if the price fails to overcome the resistance in the area of 1.1440, it is possible to resume the downward movement with a target in the area of 1.1310. A break below this support will open the way to deeper levels. Alternatively, consolidation above 1.1440 may signal an attempt at an upward reversal.

Resistance levels are: 1.1425-40, 1.1575, 1.1620

Support levels are: 1.1310, 1.1260, 1.1145

The main scenario for the pair's advance implies a breakout of the resistance 1.1425-40 (April 23 and 28 highs) and there may be an increase to 1.1575 (April 21 high)

An alternative scenario assumes a breakout of the support 1.1310 (April 23 low) and there may be a decline to 1.1260 (April 15 low)