EUR/USD Technical Analysis: Euro plunges 130 pips on ECB, now finding support yet again at 1.1730

  • EUR/USD tested the 1.1850 level and then tanked about 130 pips as the ECB said it would hold rates on hold until mid-2019. 
  • EUR/USD is back to the 1.1730 key support level which has been containing prices for the last four sessions. The trading range stays in place as long as the market is holding 1.1730 and 1.1850. 
  • A strong bear breakout is needed below 1.1730 to confirm any bearish bias.

EUR/USD 15-minute chart

Spot rate:              1.1733
Relative change:   -0.51%     
High:                     1.1853
Low:                      1.1718

Trend: Ranging between 1.1730-1.1850

Resistance 1: 1.1775 supply/demand level
Resistance 2: 1.1800 figure
Resistance 3: 1.1821 current week’s high
Resistance 4: 1.1850 figure

Support 1: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 2: 1.1650 June 5 low  
Support 3: 1.1600 figure

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