EUR/USD Technical Analysis: Euro still strong needs a breakout above 1.1676
|- EUR/USD broke the former weekly high at 1.1645 in early Europe to reach 1.1676. EUR/USD is now consolidating the recent 170-pip bull move of the last 24 hours.
- EUR/USD bulls will need to breakout above the current week’s high in order to extend the bull move. However, a failure to break above the level can trigger some profit-taking and short-selling as the week comes to an end.
Spot rate: 1.1651
Relative change: 0.40%
High: 1.1676
Low: 1.1599
Trend: Neutral
Resistance 1: 1.1676 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: 1.1645 Tuesday’s high and 50-period SMA (4h)
Support 2: 1.1600 figure
Support 3: 1.1550 figure
Support 4: 1.1508, current 2018 low
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