EUR/USD shows an upward trend

On the hourly chart, the EUR/USD pair is experiencing a steady uptrend with a confident breakdown of resistance levels, which is confirmed by an increase in highs and lows. After rising to the 1.1420 area, the pair began a downward corrective movement, while the current price is near the local support level of 1.1375. If this level is maintained, a resumption of growth with a second attempt to overcome the maximum at 1.1420 is possible. In the event of a breakdown downwards, the next significant support is the 1.1300 level, and below it is 1.1265, where the MA (200) H1 moving average also passes, acting as dynamic support.

The MACD indicator shows the beginning of a decline after the recent bullish momentum: the histogram has entered a weakening phase, which may indicate a short-term correction or a slowdown in the current upward movement. At the same time, the overall chart structure remains bullish. From a technical point of view, the coming hours will determine whether the correction will deepen, or whether the pair will resume its upward movement against the background of a general weakening of the dollar and positive expectations for the euro.

Resistance levels are: 1.1420, 1.1440, 1.1550

Support levels are: 1.1375, 1.1300, 1.1255-65

The main scenario for the pair's advance suggests a breakout of the session high of 1.1440 and there may be an increase to 1.1440 (April 23 high) 

An alternative scenario implies a breakout of the low of the European session of 1.1375 (May 23 high) and there may be a decline to 1.1300 (low of the European session on May 23)