EUR/USD Technical Analysis: Euro drops to key 1.1730 level ahead of FOMC on Wednesday

• EUR/USD bulls gave up some ground in the American session and the single currency dropped to 1.1733 as it tested last Friday’s low and the 50-period simple moving average (4h).  
• 1.1730 is a key support (23.6% Fibonacci retracement from the mid-April-May bear move) and a previous resistance level; a strong breakout below the level should see EUR/USD bear trend resume.
• On the other hand, if bulls reclaim the 1.1850 level it would invalidate the bearish scenario.

EUR/USD 15-minute chart

Spot rate:               1.1751
Relative change:   -0.27%      
High:                      1.1810
Low:                       1.1733

Trend: Bearish below 1.1850  

Resistance 1: 1.1821 Monday’s high
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: 1.1750 intraday swing low
Support 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 3: 1.1650 June 5 low    

EUR/USD 4-hour chart