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- EUR/USD demonstrates a consolidation phase
EUR/USD demonstrates a consolidation phase
On the hourly chart of the EUR/USD pair, there is a gradual decrease in prices after the previously reached highs. At the beginning of the period, the price was on the rise, overcoming resistance levels and reaching new heights. However, after that, reversal patterns were formed, and the price began to adjust downwards, which is confirmed by consolidation below the MA (200) H1 moving average line, which indicates the dominance of bearish sentiment. The MACD indicator shows a gradually decreasing histogram moving into a negative zone, which indicates a weakening of purchasing power and possible further declines.
Resistance levels are: 1.1715, 1.1750-65, 1.1790
Support levels are: 1.1655, 1.1580, 1.1450
The main scenario for the pair's advance suggests a breakout of the session low of 1.1655 and a possible decline to 1.1580 (June 24 low)
An alternative scenario implies a breakout of the resistance 1.1715 (July 11 high) and there may be an increase to 1.1750-60 (July 8 and 10 highs).
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