EUR/USD Technical Analysis: EUR/USD bears breaking to new weekly lows below 1.1700 figure

EUR/USD bulls are slowing getting out of longs as EUR/USD is attempting to form lower highs and lower lows in the current bull leg started on June 28.
EUR/USD has broken below 1.1700 with some reasonable momentum and the market is now consolidating above the 1.1672 June 27 high.
Failure to reclaim the 1.1700 figure and the 1.1730-1.1740 area can lead to more bull capitulation and an acceleration towards 1.1600 figure.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1677
Relative change: -0.56%
High: 1.1760
Low: 1.1671

Trend: Bearish

Resistance 1: 1.1700 figure
Resistance 2: 1.1730-1.1740 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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