EUR/USD dropped below MA (200) H1

There is a downward trend on the hourly chart of EUR/USD. The price has been steadily moving down since the end of April, which is confirmed by the location of quotes below the Ma (200) H1 moving average (1.1325), which is also directed downwards. In the period from May 6 to May 7, there was an upward pullback, but after that the decline continued, and on May 8, the price broke through the support level of 1.1265 and reached a minimum of 1.1195. There was a reversal and short-term growth from this level, but it has not yet been able to overcome the immediate resistance at 1.1265, which may indicate weakness of buyers.

The MACD indicator confirms the current weakness: until recently, the histogram was deep in the negative zone, but now it has begun to recover, which indicates a possible correction or the beginning of consolidation. However, signals for a trend reversal have not yet been formed - the main direction remains downward.

Resistance levels are: 1.1265, 1.1325-35, 1.1380

Support levels are: 1.1195, 1.1145, 1.0890

The main scenario for the pair's advance implies a breakout of the session low of 1.1195 and there may be a decline to 1.1145 (April 3 high)

The alternative scenario assumes a breakout of 1.1265 (May 1 low) and there may be an increase to 1.1325-35 (May 8 high, MA (200) H1).