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- EUR/USD shows signs of sustained consolidation
EUR/USD shows signs of sustained consolidation
On the hourly chart, the EUR/USD pair is showing signs of steady consolidation after a volatile rise at the end of May. The price continues to fluctuate above the MA (200) H1 ascending moving average, which indicates a moderate upward momentum. The MACD indicator remains in the neutral zone with minimal divergence, which confirms the absence of strong momentum at the moment. If buyers hold the price above 1.1400 and break through 1.1440-60, we can expect a retest of local highs near 1.1495. In the event of a breakdown of 1.1355-70 and consolidation below it, it is possible to deepen the correction with a target of 1.1310. The overall picture remains neutral and positive, while the market needs a trigger to exit the current sideways range.
Resistance levels are: 1.1440-60, 1.1495, 1.1550
Support levels are: 1.1355-70, 1.1310, 1.1255
The main scenario for the pair's advance assumes a breakout of the resistance 1.1440-60 (June 3 and 6-9 high) and there may be an increase to 1.1495 (June 5 high)
An alternative scenario implies a breakout of the 1.1355-70 area (June 4 and 6 low, session low) and there may be a decline to 1.1310 (May 30 low).
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