EUR/USD is experiencing a slowdown in the upward momentum

On the hourly chart, the EUR/USD pair is slowing down its upward momentum after reaching a local maximum at 1.1830. In recent hours, the price has begun to show a corrective decline and has come close to the support level of 1.1755, which is still holding the selling pressure. The following key support levels are located below — 1.1680 and then 1.1580, which coincides with the level of the MA (200) H1 moving average, which makes it a strong support zone in the event of a deepening correction. The MACD indicator indicates an increase in downward pressure — the histogram has dropped below the zero line and continues to expand in the negative zone, signaling an increase in bearish momentum. However, as long as the pair is held above 1.1755, there is a possibility of consolidation with possible attempts to return to 1.1830. A break below 1.17559 may accelerate the decline towards 1.1680.

Resistance levels are: 1.1830, 1.1850, 1.1910

Support levels are: 1.1755, 1.1680, 1.1580-90

The main scenario for the pair's advance assumes a breakout of the resistance at 1.1830 (June 30 high) and there may be an increase to 1.1850 (Sep 10’ 2021 high).

An alternative scenario implies a breakout of the support 1.1755 (June 27 high) and a possible decline to 1.1680 (June 27 low)