EUR/USD is in a downtrend.

On the hourly chart, the EUR/USD pair remains in a clear downward trend. The price has broken through several support levels and continues to move lower. The 200-period moving average (MA) on the H1 chart also confirms the bearish trend, as the price is well below it, and the MA itself is sloping downward, especially since July 10. The chart shows significant price swings: after a rise from late June to early July, a steady decline began on July 7, with a particularly sharp drop on July 15. The MACD indicator confirms the bearish trend. The MACD histogram is below the zero line and shows red bars, indicating sellers are in control. The MACD lines have crossed and are moving downward, reinforcing the bearish momentum. The histogram bars are growing deeper, suggesting increasing selling pressure. Overall, the technical outlook points to a continuation of the EUR/USD downtrend in the short term, based on the break of key levels, the price position relative to the moving average, and MACD signals.

Resistance levels are: 1.1655, 1.1700-15, 1.1750-65

Support levels are: 1.1560, 1.1450, 1.1405

The main scenario for the pair suggests a break below the support level of 1.1560 (July 16 low), which could lead to a decline towards 1.1450 (June 19 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).