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- EUR/USD shows a confident upward trend
EUR/USD shows a confident upward trend
On the hourly chart, the EUR/USD pair is showing a steady uptrend. After a period of consolidation in the area of 1.1540–1.1580, quotes began to grow rapidly, breaking through key resistance levels at 1.1640 and 1.1680. At the moment, the price has reached the 1.1745 zone, where short-term profit-taking is observed. The MACD indicator is in a positive zone and continues to show an increase in the histogram, which indicates a continuing upward momentum movement. The price is confidently trading above the MA (200) H1 moving average, which also confirms the dominance of the bulls. As long as the aforementioned dynamics persists and there are no signs of a reversal, the probability of continued growth with an attempt to update the highs remains high.
Resistance levels are: 1.1745, 1.1850, 1.1910
Support levels are: 1.1640, 1.1580, 1.1545
The main scenario for the pair's advance suggests a breakout of the session high of 1.1745 and there may be an increase to 1.1850 (Sep 14’ 2021 high).
An alternative scenario implies a breakout of the 1.1640 support (June 24 high) and a possible decline to 1.1580 (June 24 low).
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