EUR/USD, Technical Analysis – H1

Decisive moment for the euro: consolidation leaves extremely limited room for manoeuvre, making a breakout impulse in either direction the logical expectation. As noted yesterday, bears hold a slight edge (due to the overextension of the bullish wave structure); however, another high cannot be ruled out (with the prospect, however, of an inevitable collapse once traders shift to profit-taking).

Key Levels:

□ Resistance: 1.1570–1.1580

□ Intermediate: 1.1500

□ Support: 1.1450

□ Support: 1.1400

Primary Scenario:

Decline to 1.1450 and 1.1400.

Alternative Scenario:

Rise to 1.1570–1.1580, followed by a decline to 1.1500.

Analyst Commentary:

Both scenarios currently retain roughly equal probability.