EUR/USD Technical Analysis: Rebound confirms bullish short-term momentum

The pair rebounded at the 20-SMA in 4-hour chart at 1.1580 and rose back above 1.1600, signaling that the positive tone in the short-term remains in place.
Upside to face resistance at 1.1630 (55-SMA in 4-hour chart); a break higher likely to add more positive momentum to the pair.
Key resistance is seen around 1.1.700: psychological level and a downtrend line. If the euro rises above an extension to 1.1750 seems likely.
A consolidation below 1.1580 would expose weekly lows and negate the upside bias.

Matías Salord FXStreet

EUR/USD 15-minutes chart

Spot rate: 1.1618
High: 1.1627
Low: 1.1572

Resistance 1: 1.1630
Resistance 2: 1.1655
Resistance 3: 1.1690

Support 1: 1.1600
Support 2: 1.1580
Support 3: 1.1550

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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