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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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