EUR/USD Technical Analysis: EUR/USD stalling near 1.1600 figure

EUR/USD fell about 82 pips from daily high to low exceeding its average daily range of 74 pips.
EUR/USD is consolidating the bearish move seen earlier in the day as it now trading just above the 1.1600 figure.
EUR/USD bears objective is to push prices back below the 1.1600 figure while bulls are attempting to create a bullish reversal. EUR/USD is trading below its 50, 100 and 200-period simple moving averages suggesting bulls will need quite a lot of conviction to push through the dynamic resistances. However, failure to recapture 1.1600 would be seen as a sign of strength for bulls.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1606
Relative change: -0.27%
High: 1.1657
Low: 1.1574

Trend: Bearish / bullish correction

Resistance 1: 1.1600-1.1613 figure and last week's low
Resistance 2 1.1640-1.1649 area, key level and July 12 low
Resistance 3: 1.1672 June 27 high
Resistance 4: 1.1700 figure
Resistance 5: 1.1730-1.1740 area, 23.6% Fibonacci retracement from mid-April-May bear move and last week’s open.
Resistance 6: 1.1790 last week’s high
Resistance 7: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1560 June 14 low
Support 2: 1.1508 current 2018 low
Support 3: 1.1400 figure

Author

Flavio Tosti

Independent Analyst

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