EUR/USD shows steady decline

On the hourly chart, the EUR/USD pair shows a steady decline, breaking through the support of the MA (200) moving averageH1 and approaching the level of 1.1720. This indicates increased selling pressure after the failure to overcome the resistance at 1.17900. The current chart structure forms a downward movement, while the price has broken through the previous consolidation and is trading below key medium-term benchmarks.

The MACD indicator reinforces the downward signals: the histogram goes deeper into the negative zone, and the indicator itself shows an increase in the bearish momentum. If the pair consolidates below the level of 1.1720, this will pave the way to the next target in the area of 1.1680. Quotes can only recover if they return above 1.1750, but for now the risks remain biased towards further decline.

Resistance levels are: 1.1790, 1.1830, 1.1850

Support levels are: 1.1720, 1.1680, 1.1580-90

The main scenario for the pair's advance suggests a breakout of the session high of 1.1790 (July 4 high) and there may be an increase to 1.1830 (July 1 high).

An alternative scenario implies a breakout of the support 1.1720 (July 3 low) and there may be a decline to 1.1680 (June 27 low)