EUR/USD Technical Analysis: Pair back near key support level after limited recovery

The recovery of the euro was short-lived and EUR/USD dropped below 1.1600, approaching YTD lows.
A daily close above 1.1630 would remove short-term negative pressure while the next key resistance is 1.1700 (downtrend line). On the flip side, a close under 1.1530, would expose 1.1500/10, the strong barrier that capped the slide in May and June.
Ahead of the Asian session limited price action seems likely. Bearish bias to remain in place as long as pair holds under 1.1580/1.1600 and the negative tone could rise with a consolidation below 1.1550.

Matías Salord FXStreet

EUR/USD 15-minutes chart

EUR/USD Daily chart

Spot rate: 1.1552
High: 1.1618
Low: 1.1548

Resistance 1: 1.1580
Resistance 2: 1.1600
Resistance 3: 1.1630

Support 1: 1.1530
Support 2: 1.1500
Support 3: 1.1475

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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