- EUR/USD bear trend is on hold as bulls have taken the lead in the last weeks of trading.
- EUR/USD bull leg is facing some headwinds as it is heading into a strong resistance level near 1.1750. The market has evolved in a somewhat wedgy fashion which adds to the bear case. If the market is unable to break above 1.1750 on a sustained basis, a rotation down is almost bound to happen. Short-term targets to the downside are located at 1.1662 (swing low) and 1.1628 (August 8 high key level).
- A bull breakout above 1.1750 would invalidate the bear case.
Spot rate: 1.1695
Relative change: 0.13%
High: 1.1734
Low: 1.1662
Main trend: Bearish below 1.1750
Resistance 1: 1.1750 supply level
Resistance 2: 1.1800 figure
Resistance 3: 1.1850 June 14 swing high
Support 1: 1.1700 figure
Support 2: 1.1662 swing low
Support 3: 1.1654 August 27 high, Asia high
Support 4: 1.1628 August 8 high key level
Support 5: 1.1600 figure
Support 6: 1.1572 July 19 low
Support 7: 1.1542 supply/demand level
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