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- EUR/USD shows an upward trend
EUR/USD shows an upward trend
On the hourly chart, the EUR/USD pair shows an upward trend after a steady breakdown of resistance around 1.1545 and subsequent growth to a maximum of 1.1640. The current price is consolidating near the 1.1610 level, indicating a possible pause before further movement. The support is the 1.1580 level, followed by the 1.1545 area, which coincides with the MA (200) H1 moving average. As long as the price remains above this level, there is a possibility of continued growth. The MACD indicator shows the weakness of the bullish momentum — the histogram is decreasing, signaling a slowdown in the upward movement and a possible correction. However, stability above key supports speaks in favor of maintaining the overall uptrend, while a break above 1.1640 may open the way to new highs.
Resistance levels are: 1.1640, 1.1690, 1.1755
Support levels are: 1.1580, 1.1545, 1.1445
The main scenario for the pair's advance suggests a breakout of the resistance of 1.1640 (June 24 high) and there may be an increase to 1.1690 (April 10’ 2021 high).
An alternative scenario implies a breakout of the 1.1580 support (June 24 low) and a possible decline to 1.1545 (June 20 high).
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