EUR/USD is consolidating below MA (200) H1

On the hourly chart, the EUR/USD pair, after a pullback from the maximum near 1.1790, is consolidating below the MA (200) H1 moving average, which runs around 1.1765 and acts as the nearest dynamic resistance. The price has made several unsuccessful attempts to return above this average, which indicates continued selling pressure. The 1.1680 level remains a key support, and below it, the next significant zone is around 1.1640. The MACD indicator shows a moderate recovery, but the histogram remains weak, signaling the absence of a confident upward momentum. If buyers fail to overcome the resistance at 1.1765, the risk of further decline towards 1.1680 will increase. On the contrary, a breakdown above 1.1765 will pave the way for a retest of the 1.1790 area and further to 1.1810. In the short term, the market remains in a correction phase after the growth at the end of June, and the further direction will depend on the price's ability to overcome key resistance levels.

Resistance levels are: 1.1765, 1.1790, 1.1830

Support levels are: 1.1680, 1.1640, 1.1580

The main scenario for the pair's advance suggests a breakout of support at 1.1680 (June 27 and July 8 lows) and a possible decline to 1.1640 (June 24 high)

An alternative scenario implies a breakout of the resistance 1.1765 (July 8 high) and there may be an increase to 1.1790 (July 4-7 ).