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- EUR/USD remains below MA (200) H1
EUR/USD remains below MA (200) H1
On the hourly chart, the EUR/USD pair continues to consolidate after recovering from a local low near the level of 1.1065, marked on May 12. The current quote is in the 1.1200 area, remaining below the MA (200) H1 moving average, which indicates continued medium-term downward pressure. The MACD indicator shows a weakening bullish momentum: the histogram is decreasing and is close to the zero line, which may signal the beginning of a correction or the continuation of sideways dynamics. In general, the pair is showing signs of stabilization after the fall, but a breakdown above 1.1230 and consolidation above the moving average is necessary to form a stable upward momentum. Until this happens, the preference remains for a cautious sell on growth.
Resistance levels are: 1.1230, 1.1265, 1.1295
Support levels are: 1.1165, 1.1100, 1.1065
The main scenario for the pair's advance implies a breakout of support at 1.1165 (May 14 low), a decline to 1.1100 (low of the European session on May 13) and then, perhaps, to 1.1065 (May 12 low)
The alternative scenario assumes a breakout of the resistance at 1.1230 (May 15 high, MA (200) H1) and there may be an increase to 1.1265 (May 14 high)
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