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- EUR/USD shows signs of weakening
EUR/USD shows signs of weakening
On the hourly chart, the EUR/USD pair is showing signs of weakening after the previous upward movement. The price pushed off from the resistance around 1.1765 and began to decline, breaking through the MA (200) H1 moving average from top to bottom, which is a bearish signal. At the moment, the pair is trading near the 1.1705 level, trying to stay above the nearest support at 1.1680. The MACD indicator is in the negative zone, which confirms the weakness of the bulls and indicates continued selling pressure. In case of a breakdown of the 1.1680 support, the next target level may be the 1.1640 zone. A recovery above 1.1765 is necessary to resume the upward momentum and test the 1.1790 level. As long as the price is below MA (200) H1, the risks are shifted towards further decline.
Resistance levels are: 1.1765, 1.1790, 1.1830
Support levels are: 1.1680, 1.1640, 1.1580
The main scenario for the pair's advance suggests a breakout of support at 1.1680 (June 27 and July 8 lows) and a possible decline to 1.1640 (June 24 high)
An alternative scenario implies a breakout of the resistance 1.1765 (July 8 high) and there may be an increase to 1.1790 (July 4-7 ).
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