EUR/USD continues to recover after decline

On the hourly chart, the EUR/USD pair continues to recover from the decline, but remains under pressure from the medium-term downtrend. The quote is testing the resistance zone in the area of 1.1650–1.1670, where the MA (200) H1 moving average passes, acting as a dynamic resistance. A break above this zone may open the way to the next level of 1.1715. In case of failure of growth and a downward reversal, the nearest support is the level of 1.1615, with its breakdown, the price may retest the area of 1.1590. The MACD indicator shows a moderately bullish divergence, confirming the short-term growth momentum, but the overall position below the moving average and the previous pattern of declining highs indicate continued selling pressure.

Resistance levels are: 1.1670, 1.1700-15, 1.1750-65

Support levels are: 1.1615, 1.1590, 1.1560

The main scenario for the pair's advance suggests a breakout of the session low of 1.1615 and a possible decline to 1.1590 (July 15 low) 

An alternative scenario implies a breakout of the resistance 1.1670 (July 18 high) and there may be an increase to 1.1700-15 (July 11-15 highs).