Home EUR/USD Technical Analysis: Euro grinding higher and consolidating in a small wedge below 1.1650
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EUR/USD Technical Analysis: Euro grinding higher and consolidating in a small wedge below 1.1650

  • EUR/USD is consolidating the bear move that happened on Thursday on the back of dovish comments by the European Central Bank.  
  • EUR/USD is currently trapped in a small rising wedge, suggesting that the recent bounce might soon be coming to an end. On the other hand, if Euro bulls break above the wedge and 1.1650 it can open the gates to further gains towards the 1.1700 level.  

EUR/USD 15-minute chart

Spot rate:              1.1621
Relative change:   0.45%  
High:                     1.1627
Low:                      1.1543

Trend: Neutral

Resistance 1: 1.1600 figure
Resistance 2: 1.1650 June 5 low  
Resistance 3: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 4: 1.1775 supply/demand level
 
Support 1: 1.1550 figure
Support 2: 1.1510, 2018 low
Support 3: 1.1420, daily 200-period simple moving average

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