EUR/USD Technical Analysis: Euro bears fades 1.1820 and revisit daily lows

• EUR/USD is losing steam as it is the third day in a row that it failed to break above the 1.1800-1.1850 area.  
• Failure to extend the recent uptrend above the 1.1850 level should lead to a rotation down towards 1.1730, the 50-period simple moving average on the 4-hour chart.
• EUR/USD is trading below its 200-period SMA on the 4-hour chart at 1.1831 adding another piece to the bearish case.

EUR/USD 15-minute chart

Spot rate:                     1.1789
Relative change:          0.16%      
High:                            1.1821
Low:                             1.1771

Trend:                            Bearish below 1.1850  

Resistance 1:               1.1800 figure  
Resistance 2:               1.1850 figure and near last week’s high
Resistance 3:               1.1900 figure and 200-period SMA (4-hour)
Resistance 4:               1.1990-1.2000 May 14 swing high and daily 200-period SMA  

Support 1:                    1.1771 current Monday’s low
Support 2:                    1.1730, 50-period SMA (4-hour)
Support 3:                    1.1650 June 5 low

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