EUR/USD shows a confident upward trend

On the hourly chart, the EUR/USD pair shows a steady uptrend, which started from a support level near 1.1440 and led to a maximum at 1.1745. The price is trading well above the MA (200) H1 moving average, which confirms the continuing bullish mood in the market. After reaching the local maximum, consolidation is observed in a narrow range of 1.1695–1.1715, which may indicate the accumulation of positions before a new impulse. The MACD indicator is in the positive zone, but the histogram shows a decrease, which indicates a weakening of the upward momentum. The nearest resistance is at 1.1745, while support is at 1.1640 and further at 1.1580. A break above the current highs may pave the way for further growth, while a breakdown below 1.1640 will increase the corrective pressure. Overall, the technical picture remains positive, but requires confirmation in the form of renewed volume growth and increasing momentum on the MACD.

Resistance levels are: 1.1745, 1.1850, 1.1910

Support levels are:  1.1640, 1.1580, 1.1545

The main scenario for the pair's advance suggests a breakout of the resistance at 1.1745 (June 26 high) and there may be an increase to 1.1850 (Sep 14’ 2021 high).

An alternative scenario implies a breakout of the 1.1640 support (June 24 high) and a possible decline to 1.1580 (June 24 low).