EUR/USD demonstrates corrective movement

On the hourly chart, the EUR/USD pair shows a corrective movement after a downward impulse from the 1.1765 level. The price is trading below the MA (200) H1 moving average, which indicates the continuation of the bearish trend. After an unsuccessful attempt to gain a foothold above the resistance of 1.1710, the quotes are declining again, but they are still holding above the support of 1.1660. The MACD indicator is in the negative zone, but the histogram is starting to shrink, which may indicate a possible attempt at local recovery. However, without consolidation above 1.1710, selling pressure will remain with the risk of a decline to the area of 1.1660 and further to 1.1580. A recovery above 1.1710 will open the way to the 1.1750 test, where the moving average runs, and further to 1.1765. The overall picture remains negative as long as the price remains below 1.1750.

Resistance levels are: 1.1710, 1.1750-65, 1.1790

Support levels are: 1.1660, 1.1580, 1.1450

The main scenario for the pair's advance suggests a breakout of the support 1.1660 (July 10 low) and a possible decline to 1.1580 (June 24 low)

An alternative scenario implies a breakout of the session high of 1.1710 and there may be an increase to 1.1750-60 (July 8 and 10 highs).