EUR/USD demonstrates a consolidation phase

On the hourly chart, the EUR/USD pair shows a consolidation phase after the previous growth, followed by a decline. The price formed a local maximum in the area of 1.1829, after which a downward correction began, which continues to the present moment. Currently, the quotes are trading below the 200 moving average (red line), which has a downward slope, which confirms the predominance of "bearish" sentiment.

The MACD indicator is in the negative zone, the histogram fluctuates around zero, which indicates the absence of a pronounced impulse and the dominance of the lateral phase. At the same time, the bulls' attempts to restore growth have not yet led to a steady upward movement. The overall technical background for EUR/USD remains neutral-negative at the moment. In the event of a breakdown below 1.1650, the pair may accelerate the decline, while a return above 1.1715 will pave the way for a recovery to 1.1755 and above. As long as the price remains under pressure, traders should consider the risks of further decline.

Resistance levels are: 1.1715, 1.1750-65, 1.1790

Support levels are: 1.1655, 1.1580, 1.1450

The main scenario for the pair's advance suggests a breakout of the session low of 1.1655 and a possible decline to 1.1580 (June 24 low)

An alternative scenario implies a breakout of the resistance 1.1715 (July 11 high) and there may be an increase to 1.1750-60 (July 8 and 10 highs).