EUR/USD Technical Analysis: Back to 1.1700 figure ahead of Fed’s Powell speech

EUR/USD is currently trying to find some support near 1.1700 after bulls challenged the 1.1740 level without being able to pierce through it.
EUR/USD bulls are still hanging above the 1.1700 level and the 200-period simple moving average. A strong bear breakout below the level should open the gates to 1.1672 June 27 high and 1.1640-1.1649 area, key level and July 12 low.
Fed’s Powell speech at 13:45 GMT is likely going to provide much volatility.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1702
Relative change: -0.07%
High: 1.1745
Low: 1.1698

Trend: Bearish

Resistance 1: 1.1730-1.1740 area, 23.6% Fibonacci retracement from mid-April-May bear move and last week’s open.
Resistance 2: 1.1790 last week’s high
Resistance 3: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1700 figure
Support 2: 1.1672 June 27 high
Support 3: 1.1640-1.1649 area, key level and July 12 low
Support 4: 1.1613 current weekly low
Support 5: 1.1600 figure
Support 6: 1.1560 June 14 low
Support 7: 1.1508 current 2018 low

Author

Flavio Tosti

Independent Analyst

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