EUR/USD Technical Analysis: Strong reversal up sees EUR/USD en route to 1.1700 figure

  • EUR/USD is now less than 20 pips away from the 1.1700 figure which acted as an important support/resistance level throughout the week.
  • EUR/USD erased all its losses made earlier on Friday and is set to end the day with 0.12% gain. 
  • The bull reversal was fairly strong as it broke above the bearish trendline and the 200-period simple moving average suggesting that more up can be on the cards.  

EUR/USD 15-minute chart 

Spot rate:              1.1684
Relative change:   0.12%  
High:                     1.1686
Low:                      1.1613

Trend: Neutral to bullish

Resistance 1: 1.1700 figure
Resistance 2: 1.1720-1.1730-1.1740 area, June 26 high, 23.6% Fibonacci retracement from mid-April-May bear move and weekly open.
Resistance 3: 1.1775 supply level 
Resistance 4: 1.1800 figure
Resistance 5: 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: 1.1613 current weekly low
Support 4: 1.1600 figure 
Support 5: 1.1560 June 14 low
Support 6: 1.1508 current 2018 low

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