EUR/USD shows signs of consolidation

On the hourly chart, the EUR/USD pair is showing signs of consolidation after recent volatile growth. The hourly chart shows that after a sharp jump up on May 28, the price reached a resistance level around 1.1390, from where the correction began. At the moment, the pair is trading around 1.1330, remaining just above the moving average, which runs near the same mark, indicating an attempt to maintain bullish momentum.

The MACD indicator shows a slowdown in the upward momentum: the histogram decreases, signaling a possible weakening of the bulls and the beginning of a correction phase or a sideways movement. The overall picture remains neutral and positive, but a steady upward momentum is possible only if the 1.1390 level breaks through with increased volumes.

Resistance levels are: 1.1390, 1.1420, 1.1440

Support levels are: 1.1295, 1.1255, 1.1210

The main scenario for the pair's advance suggests an increase to the session high of 1.1340 and then maybe to 1.1420 (May 26 high)

An alternative scenario implies a breakout of the support of 1.1295 and 1.1255 and there may be a decline to 1.1210 (May 29 low).