EUR/USD shows strong upward momentum

On the hourly chart, the EUR/USD pair is showing a steady upward momentum after breaking through key resistances at 1.1545 and 1.1580. The hourly chart shows that the quotes have consolidated above the MA (200) H1 moving average, which confirms the change of the short-term trend to an upward one. The 1.1580 support is the nearest level from which pullbacks are possible as part of the correction. The MACD indicator shows steady positive dynamics, although the latest histograms indicate a moderate decrease in momentum, which may indicate the beginning of consolidation before another attempt at growth. The nearest resistance is located around 1.1630, and its breakdown will open the way to higher targets. In general, the technical picture favors buyers, provided they stay above 1.1580.

Resistance levels are: 1.1630, 1.1690, 1.1755

Support levels are: 1.1580, 1.1545, 1.1445

The main scenario for the pair's advance assumes a breakout of the resistance at 1.1630 (June 12 high) and there may be an increase to 1.1690 (April 10’ 2021 high).

An alternative scenario implies a breakout of the session low of 1.1580 and there may be a decline to 1.1545 (June 19 low)