EUR/USD Technical Analysis: EUR/USD challenging 1.1650 resistance level after 60-pip drop

  • EUR/USD is currently consolidating just below the 1.1640-1.1649 area, key level and July 12 low as the market rebounded from the lower trendline of the channel. 
  • EUR/USD dropped about 60 pips from Asia and is now in a 50% consolidation from daily high to low. EUR/USD bear momentum remains in place as the market is trending below its 50, 100 and 200-period simple moving average and the market is printing lower highs and lower lows. 
  • Bears want to keep the market below 1.1700 and the next scaling points to the downside are seen near the 1.1600 figure and 1.1560 June 14 low.

EUR/USD 15-minute chart 

Spot rate:              1.1638
Relative change:   -0.28%  
High:                     1.1676
Low:                      1.1613

Trend: Bearish

Resistance 1: 1.1640-1.1649 area, key level and July 12 low 
Resistance 2: 1.1672 June 27 high
Resistance 3: 1.1700 figure
Resistance 4: 1.1720-1.1730-1.1740 area, June 26 high, 23.6% Fibonacci retracement from mid-April-May bear move and weekly open.
Resistance 5: 1.1775 supply level 
Resistance 6: 1.1800 figure
Resistance 7: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1600 figure 
Support 2: 1.1560 June 14 low
Support 3: 1.1508 current 2018 low

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