EUR/USD Technical Analysis: Euro bounces from daily lows and challenges 1.1730-1.1740 area

EUR/USD is now testing the 1.1730-1.1740 area, challenging the upper trendline of the bearish channel. Buyers want to see a bull breakout of the channel and a continuation towards 1.1775 supply level.
On the other hand, if bears can keep the price from rising above 1.1730-1.1740 area it would be seen as a sign of bear strength for sellers.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1734
Relative change: -0.14%
High: 1.1763
Low: 1.1690

Trend: Neutral to bearish

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

Support 1 1.1700 figure
Support 2: 1.1672 June 27 high
Support 3: 1.1640 supply/demand level
Support 4: 1.1600 figure
Support 5: 1.1560 June 14 low
Support 6: 1.1508 current 2018 low

Author

Flavio Tosti

Independent Analyst

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