EUR/USD Technical Analysis: Hovering near 1.1800 in wedge formation

• Euro bulls broke above 1.1745 Monday’s high in early European trade and had a slow grind higher near the 1.1800 handle.
• However, EUR/USD is in a wedge formation suggesting that the bull trend might be about to take a breather in the short-term. In fact, the stochastics and MACD indicators on the 15-minute time-frame have not confirmed the new high at 1.1196.
• If bulls cannot break above 1.1800 then it is reasonable to expect a pullback towards the 1.1745 Monday’s high and possibly to the 1.1700 handle if bears manage to gather some steam.  

EUR/USD 15-minute chart

Spot rate:                      1.1760
Relative change:            0.5%      
High:                            1.1796
Low:                              1.1710

Trend:                            Bullish

Support 1:                    1.1745 weekly high and 100-period simple moving average (4-hour chart)
Support 2:                    1.1700 figure
Support 3:                    1.1600 figure and 61% Fibonacci retracement (May 29-June 4)

Resistance 1:               1.1800 handle
Resistance 2:               1.1830 May 22 high
Resistance 3:               1.1900 handle and 200-period SMA (4-hour)