EUR/USD Technical Analysis: Bear trend ready to resume its course

EUR/USD has found resistance below the 1.1432 resistance and at the 50, 100 and 200-period simple moving average on the 15-minute chart suggesting that the correction might soon be coming to an end.
Bears next objective is to reconquer to 2018 low at 1.1365 in order to drive the market towards 1.1300 figure and 1.1178 June 27, 2017 low.
The main resistance is seen at 1.1432 and 1.1483 intraday swing high (August 10). A breakout above 1.1432 would invalidate the bearish scenario in the short-term.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

EUR/USD daily chart

Spot rate: 1.1396
Relative change: -0.13%
High: 1.1430
Low: 1.1379

Trend: Bearish

Resistance 1 1.1432 supply/demand level
Resistance 2: 1.1483 intraday swing high (August 10)
Resistance 3: 1.1508 June 8 low
Resistance 4: 1.1527 June 28 low
Resistance 5: 1.1571-1.1581 area, August 6 high and August 2 low
Resistance 6: 1.1600-1.1620 area, figure and July 27 low
Resistance 7: 1.1640-1.1649 area, key level and July 12 low
Resistance 8: 1.1672 June 27 high
Resistance 9: 1.1700 figure
Resistance 10: 1.1750 supply level
Resistance 11: 1.1760-1.1795 supply levels
Resistance 12: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1365-1.1370, 2018 low and July 13, 2017 low
Support 2: 1.1300 figure
Support 3: 1.1178 June 27, 2017 low

Author

Flavio Tosti

Independent Analyst

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