EUR/USD Technical Analysis: Euro reconquers 1.1700 level - Bull trend around the corner

EUR/USD is currently erasing all weekly losses as Euro bulls are trying to finish the week on a positive note.
EUR/USD has currently regained the 1.1700 level as it is now trading above its main simple moving averages.
Bulls this week made quite a statement by yet again reversing the losses seen earlier in the week. A breakout above 1.1730-1.1740 would be seen as an extra-confirmation that a longer-term bull trend might be just around the corner in the coming weeks. In the short-term, supports are likely located near 1.1672 and 1.1640-1.1649 area. A bear breakout below 1.1640-1.1649 area would be seen as a negative for bulls and would lead to a resumption of the bear trend.

Flavio Tosti Independent Analyst

EUR/USD 15-minute chart

Spot rate: 1.1710
Relative change: 0.60%
High: 1.1715
Low: 1.1626

Trend: Bullish

Resistance 1: 1.1700 figure
Resistance 2: 1.1730-1.1740 area, 23.6% Fibonacci retracement from mid-April-May bear move and last week’s open.
Resistance 3: 1.1790 last week’s high
Resistance 4: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1672 June 27 high
Support 2: 1.1640-1.1649 area, key level and July 12 low
Support 3: 1.1600-1.1613 figure and last week's low
Support 4: 1.1560 June 14 low
Support 5: 1.1508 current 2018 low
Support 6: 1.1400 figure

Author

Flavio Tosti

Independent Analyst

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