EUR/USD is trying to decide on a direction

On the hourly chart, the EUR/USD pair was below the MA (200) H1 moving average, which indicates a prevailing downtrend. However, in recent days, the price has been showing attempts to rebound and is approaching the moving average, which may indicate a possible weakening of the downward momentum or correction. The MACD indicator has recently shown growing histograms above the zero line, and its lines have crossed and are directed upwards, which also confirms the current upward momentum in a short time interval. If the price breaks through the moving average upwards, this may indicate a trend change to an upward one. Otherwise, if the price bounces down from the moving average, the downtrend is likely to continue. The current situation indicates a struggle between buyers and sellers in the area of the moving average.

Resistance levels are: 1.1715, 1.1750-65, 1.1790

Support levels are: 1.1670, 1.1610, 1.1590

The main scenario for the pair's advance suggests a breakout of 1.1670 (July 18 high) and a possible decline to 1.1610 (July 21 low).

An alternative scenario implies a breakout of the resistance 1.1715 (July 21 high) and there may be an increase to 1.1750-65 (July 8 and 10 highs).