EUR/USD Technical Analysis: Euro trading to weekly highs as Trump secures concessions from Europeans to avoid trade war

  • EUR/USD is gaining strength as Trump secures concessions from Europeans to avoid trade war.
  • EUR/USD has broken Tuesday’s high and has hit the 1.1740 resistance. EUR/USD bulls next objective is to challenge the weekly high near 1.1750. 
  • The USD weakness is broad-based. If EUR/USD bulls manage to breakout above 1.1730-1.1750 area, EUR/USD can accelrate towards 1.1760-1.1795 supply levels. 

EUR/USD 15-minute chart 

Spot rate:              1.1723
Relative change:    0.32%  
High:                     1.1739
Low:                      1.1664

Trend:                   Bearish / Risk of trend reversal above 1.1730-1.1750

Resistance 1: 1.1730-1.1740-1.1750 area, 23.6% Fibonacci retracement mid-April-May bear move, weekly high.
Resistance 2: 1.1760-1.1795 supply levels
Resistance 3: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1700 figure
Support 2: 1.1672 June 27 high
Support 3: 1.1654 current weekly low
Support 4: 1.1640-1.1649 area, key level and July 12 low 
Support 5: 1.1600-1.1613 figure and July 13 low
Support 6: 1.1560 June 14 low
Support 7: 1.1508 current 2018 low

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