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- EUR/USD shows signs of corrective decline
EUR/USD shows signs of corrective decline
On the hourly chart, the EUR/USD pair is showing signs of a corrective decline after attempting to update local highs near 1.1360. The price encountered resistance at this level and began a gradual decline, approaching the nearest support in the area of 1.1290. It is noted that the price had previously confidently overcome the MA (200) H1 moving average, which signaled a change in the medium-term trend to an upward one, however, the current decline may be an attempt to retest the broken levels.
The MACD indicator shows a weakening of the bullish momentum: the histogram has moved into a negative zone, and the MACD line is pointing down, indicating increasing selling pressure. At the same time, the absence of a sharp decline indicates a local correction rather than the formation of a new downward trend.
Resistance levels are: 1.1360, 1.1380, 1.1430
Support levels are: 1.1290, 1.1220, 1.1170
The main scenario for the pair's advance assumes a breakout of the resistance levels of 1.1360 (May 21 high), an increase to 1.1380 (May 2 and 6 high) and then maybe to 1.1430 (April 28-29 high)
An alternative scenario implies a breakout of the session low of 1.1290 (May 19 high) and then, perhaps, to 1.1220 (May low 20, MA (200) H1)
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