EUR/USD Technical Analysis: Euro needs fuel to break above the weekly high at 1.1645
|- After EUR/USD tried to break below the 2018 lows earlier in Europe, the currency pair reversed up and broke the 1.1600 figure and Wednesday’s high.
- EUR/USD is trading above the hourly 50 and 100-period flat simple moving average (SMA) suggesting the bear momentum has slowed down.
- Euro bulls will need to break out above the current week's high at 1.1645 in order to potentially reach the 1.1730 key level. A failure to break above 1.1645 could lead to a rotation down towards 1.1575, the SMA confluence on the 15-minute chart.
Spot rate: 1.1617
Relative change: 0.40%
High: 1.1634
Low: 1.1508
Trend: Neutral
Resistance 1: 1.1645 current week’s high
Resistance 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 3: 1.1800 figure
Support 1: 1.1600 figure
Support 2: 1.1575 SMA confluence 15-min chart
Support 3: 1.1508, current 2018 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.