EUR/USD remains above MA (200) H1

On the hourly chart, the EUR/USD pair showed a steady upward momentum from the mid-May lows, consolidating above the MA (200) H1 moving average, which signaled a change in the short-term trend to an upward one. However, after reaching a local maximum at 1.1420, the quotes adjusted downwards and are currently trading near 1.1345. A moderate decline is accompanied by an increase in the volume of the red bars of the MACD histogram and the crossing of the signal line from top to bottom, which indicates an increase in "bearish" pressure. The upward 200 SMA confirms the medium-term bullish sentiment, however, the current MACD divergence and decline from the local peak signal a possible deep correction in the short term. To confirm the resumption of growth, the pair needs to stay above the 1.1300 zone and form a reversal candle pattern. Otherwise, the pressure may increase in order to test lower support levels.

Resistance levels are: 1.1420, 1.1440, 1.1550

Support levels are: 1.1300, 1.1255, 1.1220

The main scenario for the pair's advance suggests an increase to 1.1420 (May 26 high) and there may be an increase to 1.1440 (April 23 high) 

An alternative scenario implies a decline to 1.1300 (low of the European session on May 23) and then, perhaps, to 1.1255 (May 22 low)