EUR/USD Technical Analysis: EUR/USD attempting to climb towards 1.1700 level

  • EUR/USD is having a small pullback just below the 1.1700 level. The strength of the pullback is rather weak suggesting that bulls will need more in order to break through the level. 
  • In addition, EUR/USD bulls would need to break above the trendline and the 200-period simple moving average if they want to extend the current bullish reversal attempt. 
  • To the downside, the line in the sand for bears is the 1.1640, a break below the level would likely see an acceleration towards 1.1600. On the flip side, a strong breakout above 1.1700 can see a retest of  the 1.1720-1.1730-1.1740 area, with the June 26 high, the 23.6% Fibonacci retracement from mid-April-May bear move and the weekly open, which is quite a lot of resistance to go through. A breakout above this area would be considered negative for bears.

EUR/USD 15-minute chart 

Spot rate:              1.1685
Relative change:    0.10%  
High:                     1.1696
Low:                      1.1649

Trend: Bearish

Resistance 1: 1.1700 figure
Resistance 2: 1.1720-1.1730-1.1740 area, June 26 high, 23.6% Fibonacci retracement from mid-April-May bear move and weekly open.
Resistance 3: 1.1775 supply level 
Resistance 4: 1.1800 figure
Resistance 5: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move


Support 1: 1.1672 June 27 high
Support 2: 1.1640 supply/demand level
Support 3: 1.1600 figure
Support 4: 1.1560 June 14 low
Support 5: 1.1508 current 2018 low

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 securities. 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 Forex 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.