EUR/USD Technical Analysis: Euro moving fast, sharp reversal up currently retesting 1.1800 area

  • Despite the sharp move lower on the FOMC, EUR/USD is still sticking to the trading range theme. EUR/USD has bounced about 50 pips from the 1.1730 support and is testing the 1.1800 area. 
  • The 1.1730 level has proven to be a strong support and the last four days of consolidation can be seen as a bull flag, therefore a strong breakout above 1.1800-1.1850 can lead to a resumption of EUR/USD bull move while a strong bear breakout below the key 1.1730 support can see the bear trend resuming. 
  • For the time being EUR/USD stays range bound ahead of the European Central Bank rate decision this Thursday which can unlock the status-quo.

EUR/USD 15-minute chart

Spot rate:              1.1780
Relative change:   0.30%     
High:                     1.1800
Low:                      1.1725

Trend: Bearish below 1.1820

Resistance 1: 1.1800 figure
Resistance 2: 1.1821 current week’s high
Resistance 3: 1.1850 figure

Support 1: 1.1770, 200-period SMA (m15)
Support 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 3: 1.1650 June 5 low  
Support 4: 1.1600 figure

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