EUR/USD Technical Analysis: EUR/USD trading below 1.1700 post-US CPI

  • EUR/USD is having a 30-pip boost from daily lows after the US Consumer Price Index (CPI) came in line with expectations at 2.3% in June. 
  • At the time of writing the bull breakout seems to be short-lived as the market is rejecting the 100-period simple moving average. However the picture remains unclear just after the news release as market participants are repositioning themselves. Technicals suggest a continuation of the drift lower as long as the market stays below 1.1700.
  • Earlier in Europe, the European Central Bank minutes sounded rather dovish weighing on the Euro. 

EUR/USD 15-minute chart 

Spot rate:              1.1673
Relative change:    0.02%  
High:                     1.1694
Low:                      1.1649

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.