EUR/USD Technical Analysis: Euro bulls capitulation-day sees EUR/USD melting down 200 pips and breaking below 1.1600

  • Since the European Central Bank announcement EUR/USD has been in a strong bear trend with very small pullbacks. 
  • As 1.1600 support has been broken, there is not significant support before the 2018 low at 1.5100. 
  • Resistances are seen at 1.1600 figure and 1.1650 June 5 low. 

EUR/USD 15-minute chart

Spot rate:              1.1583
Relative change:   -1.77%     
High:                     1.1853
Low:                      1.1576

Trend: Bearish

Resistance 1: 1.1600 figure
Resistance 2: 1.1650 June 5 low  
Resistance 3: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 4: 1.1775 supply/demand level
 
Support 1: 1.1550 figure
Support 2: 1.1510, 2018 low
Support 3: 1.1420, daily 200-period simple moving average

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.