EUR/USD Technical Analysis: Euro bulls struggling to break above 1.1820 level

• In early European session, Euro bulls tried to break above last Friday’s high at 1.1810 but found resistance at the 1.1820 level this Monday.  
• EUR/USD recent advance of the last two weeks is currently consolidating below the 1.1800-1.1850 area.  
• A strong breakout above 1.1850 would confirm the  bull trend continuation while a strong bear breakout below 1.1730, the 50-period simple moving average (4-hour) would likely lead to a near-term bull capitulation and lower prices.  

EUR/USD 15-minute chart

Spot rate:                     1.1792
Relative change:          0.18%      
High:                            1.1821
Low:                             1.1771

Trend:                           Neutral

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