EUR/USD Technical Analysis: EUR/USD trading below 1.1700 post-US CPI
|- EUR/USD is having a 30-pip boost from daily lows after the US Consumer Price Index (CPI) came in line with expectations at 2.3% in June.
- At the time of writing the bull breakout seems to be short-lived as the market is rejecting the 100-period simple moving average. However the picture remains unclear just after the news release as market participants are repositioning themselves. Technicals suggest a continuation of the drift lower as long as the market stays below 1.1700.
- Earlier in Europe, the European Central Bank minutes sounded rather dovish weighing on the Euro.
EUR/USD 15-minute chart
Spot rate: 1.1673
Relative change: 0.02%
High: 1.1694
Low: 1.1649
Trend: Bearish
Resistance 1: 1.1700 figure
Resistance 2: 1.1730-1.1740 23.6% Fibonacci retracement from mid-April-May bear move and weekly open.
Resistance 3: 1.1775 supply level
Resistance 4: 1.1800 figure
Resistance 5: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1672 June 27 high
Support 2: 1.1640 supply/demand level
Support 3: 1.1600 figure
Support 4: 1.1560 June 14 low
Support 5: 1.1508 current 2018 low
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