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

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