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- EUR/USD remains above MA (200) H1
EUR/USD remains above MA (200) H1
The upward trend remains on the hourly chart of the EUR/USD pair, despite the current consolidation phase. After reaching a local maximum in the area of 1.1630, the quotes adjusted downwards and are now trading near the level of 1.1565. The price remains above the MA (200) H1 moving average, which runs around 1.1490, which confirms the presence of a medium-term upward momentum. The MACD indicator shows weak dynamics, its histogram fluctuates near the zero line, indicating the absence of a pronounced impulse and a possible pause in the trend. In general, if the price remains above 1.1520, there is still a possibility of growth recovery, but a break above 1.1615-30 is necessary to confirm the upward continuation.
Resistance levels are: 1.1615-30, 1.1690, 1.1755
Support levels are: 1.1520, 1.1490, 1.1405
The main scenario for the pair's advance suggests a breakout of the area 1.1615-30 (July 12-16 highs) and there may be an increase to 1.1690 (Oct 28’ 2021 high)
The alternative scenario implies a decline to 1.1520 (June 16 low) and 1.1490 (June 13 low), and then maybe to 1.1405 (June 11 low).
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