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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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