EUR/USD shows signs of a local correction

On the hourly chart, the EUR/USD pair shows signs of a local correction after the previous upward momentum. The price had previously confidently overcome resistance near the 1.1680 level and reached the 1.1790 zone, but failed to gain a foothold above, followed by a decline. At the moment, the pair is trading near the 1.1730 level, trying to recover from the recent drawdown, but again encountered resistance in the area of the MA (200) H1 moving average, which acts as a dynamic barrier to growth. An attempt to consolidate above MA (200) H1 was unsuccessful, and the price bounced down again, indicating continued selling pressure.

The MACD indicator shows a gradual reduction in the negative values of the histogram, which may indicate a weakening of the downward momentum. However, the buy signals have not yet been confirmed. In general, the technical picture indicates a consolidation phase with a downward bias. To restore the uptrend, the pair needs a steady consolidation above the 1.1766 level and the moving average.

Resistance levels are: 1.1765, 1.1790, 1.1830

Support levels are: 1.1680-85, 1.1640, 1.1580

The main scenario for the pair's advance suggests a breakout of the support 1.1680-85 (June 27 and July 7 lows) and a possible decline to 1.1640 (June 24 high)

An alternative scenario implies a breakout of the session high of 1.1765 and there may be an increase to 1.1790 (July 4-7 high).