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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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