EUR/USD Technical Analysis: EUR/USD testing 1.1672 resistance

EUR/USD is currently in a bullish consolidation phase as the market is testing 1.1672, the June 27 high. If the market fails to contain the price below the level the next resistance is located at the 1.1700 figure.
EUR/USD has been trading in a bear channel throughout the week and the price is currently being capped by the 200-period simple moving average. Bears objective is to initially regain the weekly lows at 1.1613 to then target the 2018 low at 1.1508.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1662
Relative change: -0.08%
High: 1.1676
Low: 1.1613

Trend: Bearish

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

Support 1: 1.1640-1.1649 area, key level and July 12 low
Support 2: 1.1613 current weekly low
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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