- EUR/USD bears broke below the 200-period simple moving average (SMA) (4-hour) as they are eager to resume the main bear trend.
- While EUR/USD bias is down with the main support level at 1.1530 swing low, the market is currently finding some short-term support near the 1.1550 level close to the bottom of the bear channel and the 100-period SMA, suggesting that the market might be consolidating the recent leg down in the very short-term.
- Resistance can be expected at the 1.1600 figure if the bulls manage to get there. It is important to note that EUR/USD remains vulnerable to the downside.
Spot rate: 1.1563
Relative change: -0.49%
High: 1.1625
Low: 1.1549
Main trend: Bearish
Short-term trend: Bullish correction above 1.1550
Resistance 1: 1.1572 July 19 low
Resistance 2: 1.1600 figure
Resistance 3: 1.1628 August 8 high key level
Support 1: 1.1542 supply/demand level
Support 2: 1.1530 swing low
Support 3: 1.1508 June 8 low
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