- EUR/USD is trying to form a double bottom with the June 28 low at 1.1527. After reaching 1.1529 EUR/USD bulls managed to bring the pair back to daily highs above the 1.1550 level. While the main trend is bearish it remains to be seen if the bears have what it takes to re-launch an assault to the 1.1527 level and break below it.
- Bulls will try to close the day on its high in order to create a daily bullish reversal bar while bears will now try to drive EUR/USD as low as they can in order to discourage EUR/USD bulls.
- If the bulls manage to close the day on a high note, they have valid bullish reversal setup on their side while bears still have the argument of the main bearish trend. Bulls are equally trying to breakout of the bearish channel and above the 100 and 200-period simple moving average.
EUR/USD 15-minute chart
EUR/USD daily chart
Spot rate: 1.1557
Relative change: -0.10%
High: 1.1572
Low: 1.1529
Trend: Bearish / Double bottom attempt with June 28 low at 1.1527
Resistance 1: 1.1560 August 3 low
Resistance 2: 1.1600-1.1613 area, figure and July 13 low
Resistance 3: 1.1640-1.1649 area, key level and July 12 low
Resistance 4: 1.1672 June 27 high
Resistance 5: 1.1700 figure
Resistance 6: 1.1750 supply level
Resistance 7: 1.1760-1.1795 supply levels
Resistance 8: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1527 June 28 low
Support 2: 1.1508 current 2018 low
Support 3: 1.1370 July 13, 2017 1.1370 low
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