EUR/USD declines, but remains above MA (200) H1

There is a downward movement on the hourly chart of the EUR/USD pair after reaching a local maximum around 1.1630 yesterday. However, after a sharp increase, a downward correction began — at the moment the price has dropped to 1.1500. The nearest support level is at 1.1490, which is currently being tested. The MA (200) H1 moving average continues to grow steadily, being below the current price, which indicates a medium-term uptrend. However, the current correction may deepen up to the 1.1440–1.1450 area, which is the zone of previous consolidation and an important support level.

The MACD indicator shows a decrease: the histogram goes into the negative zone, which indicates an increasing bearish momentum. The signal line is also pointing downwards, which confirms the correction phase. The overall picture remains bullish, but the short—term phase is corrective.

Resistance levels are: 1.1590, 1.1630, 1.1690

Support levels are: 1.1520, 1.1490, 1.1405

The main scenario for the pair's advance suggests a breakout of the session high of 1.1590 and then maybe to 1.1630 (June 12 high)

An alternative scenario implies a decline to the session lows of 1.1520 and 1.1490 (June 13 low) and then, perhaps, to 1.1405 (June 11 low).