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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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