EUR/USD Technical Analysis: manages to hold above YTD lows, for the moment
| • Tumbles closer to YTD lows reached in May, albeit managed to rebound a bit back above mid-1.1500s.
• A convincing break below recent lows should pave the way for another leg of decline to the 1.1450-55 region.
• The mentioned support marks 50% Fibonacci retracement level of the up-move from December 2016 to multi-year highs touched earlier this year.
• A sustained recovery back above the 1.1600 handle might negate any bearish outlook and trigger a short-covering bounce in the near-term.
Current Price: 1.1569
Daily High: 1.1645
Daily Low: 1.1531
Trend: Bearish below 1.1510 level
Resistance
R1: 1.1600 (round figure mark)
R2: 1.1620 (horizontal zone)
R3: 1.1645 (current day swing high)
Support
S1: 1.1510 (multi-month lows set on May 29)
S2: 1.1479 (July 20, 2017 swing low)
S3: 1.1450 (50% Fibo. Retracement level)
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.