EUR/USD shows a confident upward trend

On the hourly chart, the EUR/USD pair is showing a steady uptrend. Since the beginning of this week, the price has been steadily moving up, breaking through resistance levels one after another. The key levels of 1.1460 and 1.1500 have been breached, and the price has come close to the resistance of 1.1615, demonstrating an impulsive upward movement. This is also confirmed by the MACD indicator, which shows an expanding positive histogram, indicating a growing bullish momentum. Another important factor is that the price has firmly consolidated above the MA (200) H1 moving average, which confirms the dominance of buyers. The current market structure favors continued growth, but overbought short-term indicators may cause a local correction before a new surge.

Resistance levels are: 1.1615, 1.1690, 1.1755

Support levels are: 1.1500, 1.1460, 1.1405

The main scenario for the pair's advance suggests a breakout of the session high of 1.1615 and there may be an increase to 1.1690 (Oct 21’ 2021 high)

An alternative scenario implies a decline to 1.1500 (June 11 high) and then, perhaps, to 1.1460 (June 6 high).