EUR/USD Technical Analysis: Euro trading below 1.1775 resistance ahead of FOMC

  • EUR/USD is trading inside Tuesday’s range as the market retraced about 50% of its last move lower to 1.1730 made in the last 24 hours.
  • The 1.1775 intraday supply level of the last two days is seen as the next likely resistance after which 1.1821 current’s week high should offer resistance as well. 
  • A strong breakout below the key 1.1730 level should open the gates to a larger sell-off with FOMC being the next potential catalyst at 18:00 GMT this Wednesday. 


EUR/USD 15-minute chart

Spot rate:              1.1768
Relative change:   0.20%     
High:                     1.1771
Low:                      1.1729

Trend: Bearish below 1.1850 

Resistance 1: 1.1775 intraday supply level
Resistance 2: 1.1821 current week’s high
Resistance 3: 1.1850 figure and near last week’s high

 

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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