EUR/USD Technical Analysis: Consolidating under 1.1600, still weak

The EUR/USD pair found resistance at a key level and dropped back under 1.1600. Ahead of the Asian session, it is likely to remain under pressure while below 1.1600 and the negative tone could intensify under 1.1565.
Moves to the upside to remains limited while under a downtrend currently at 1.1630: a solid break higher would point to a test of 1.1650/55.
Overall, EUR/USD appears to be undecided between resuming the upside with a break on top of 1.1630 or the downside, below 1.1525.

Matías Salord FXStreet

EUR/USD 15-minutes chart

EUR/USD 4-hour chart

Daily high: 1.1642
Daily low: 1.1565

Support Levels

S1: 1.1565
S2: 1.1525
S3: 1.1500

Resistance Levels

R1: 1.1600
R2: 1.1625/30 (downtrend line)
R3: 1.1655 (last week high)

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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