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- EUR/USD is in a downtrend
EUR/USD is in a downtrend
On the hourly chart, the EUR/USD pair is in a downtrend, confirmed by the fact that the price is steadily trading below the moving average of MA (200) H1. The price broke through the significant support level of 1.1655 and is now below it, testing the level of 1.1615, which also acts as resistance after the breakdown. The next strong support level is located at 1.1590. The MACD indicator is in the negative zone, and its histogram shows red bars, which confirms the bearish momentum. The probability of a further decline to the level of 1.1590 or even to 1.1545 remains high, unless the price can confidently break through and consolidate above 1.1615. There are no signs of a trend reversal at the moment.
Resistance levels are: 1.1655, 1.1700-15, 1.1750-65
Support levels are: 1.1580-90, 1.1545, 1.1450
The main scenario for the pair's advance assumes a breakout of the support 1.1580-90 (June 24-25 and July 15 lows) and there may be a decline to 1.1545 (June 20 low)
An alternative scenario implies a breakout of the resistance 1.1655 (July 14 low) and there may be an increase to 1.1700-15 (July 11-15 highs).
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