EUR/USD remains below MA (200) H1

On the hourly chart, the EUR/USD pair shows a moderate recovery after a sharp decline, but remains under pressure from the global downtrend. The current price is hovering around 1.1190, pushing off from the support level of 1.1165, but failing to gain a foothold above the key resistance of 1.1230. A higher resistance zone is formed in the area of 1.1245–1.1265, where the MA (200) H1 moving average also passes, acting as a dynamic barrier. As long as the pair is below this level, the downward movement remains likely to resume. The MACD indicator shows signs of stabilization after the growth, the histogram begins to narrow near the zero mark, indicating a weakening of the bullish momentum. In general, the technical picture indicates a corrective recovery within the framework of a downtrend, while caution dominates against the background of a weak attempt by the bulls to overcome resistance zones.

Resistance levels are: 1.1230-45, 1.1265, 1.1295

Support levels are:  1.1165, 1.1065, 1.0890

The main scenario for the pair's advance implies a decline to 1.1165 (May 14 low) and then, maybe, to 1.1065 (May 12 low)

An alternative scenario assumes a breakout of the session high of 1.1230 and MA (200) H1 (1.1245), an increase to 1.1265 (May 14 high) and then, maybe, to 1.1295 (May 9 high)