EUR/USD Technical Analysis: Euro meets support at 1.1600 figure

EUR/USD almost reached the 1.1600 level after it lost more than 140 pips from the weekly high.
EUR/USD is now consolidating the last decline as EUR/USD might not have enough fuel to break 1.1600 just yet. Bulls might extend the pullback up near 1.1640 -1.1649 area and 1.1672.
A breakout below 1.1600 would lead to the resumption of the bear trend towards 1.1560 June 14 low and 1.1508 current 2018 low.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1622
Relative change: -0.34%
High: 1.1665
Low: 1.1602

Trend: Bearish/bullish pullback

Resistance 1 1.1640-1.1649 area, key level and July 12 low
Resistance 2: 1.1672 June 27 high
Resistance 3: 1.1700 figure
Resistance 4: 1.1730-1.1740 area, 23.6% Fibonacci retracement from mid-April-May bear move and last week’s open.
Resistance 5: 1.1790 last week’s high
Resistance 6: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1600-1.1613figure and last week's low
Support 2: 1.1560 June 14 low
Support 3: 1.1508 current 2018 low

Author

Flavio Tosti

Independent Analyst

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