- EUR/USD bear trend is on hold for the 6th consecutive day and the FOMC minutes did nothing convincing to tame the current buying pressure as EUR/USD jumped about pips on the release of the Fed’s report. The gains were short-lived as the market quickly came back to levels just prior to the release.
- EUR/USD bull trend remains in place as the market is trading above rising and widening 50, 100 and 200-period simple moving averages. The real challenge for bulls is to breakout above 1.1628 swing high as this would mean a higher high on the daily chart. A break of the level would target 1.1667 August 2 high and 1.1750 supply level.
- A bear breakout below 1.1500 would invalidate the bullish bias.
Spot rate: 1.1588
Relative change: 0.16%
High: 1.1623
Low: 1.1553
Main trend: Bearish
Short-term trend: Bullish above 1.1500
Resistance 1: 1.1628 August 8 high
Resistance 2: 1.1667 August 2 high
Resistance 3: 1.1750 supply level
Support 1: 1.1572 July 19 low
Support 2: 1.1542 supply/demand level
Support 3: 1.1506 June 21 low
Support 4: 1.1483 intraday swing high (August 10)
Support 5: 1.1445 last week high
Support 6: 1.1430 August 14 high
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