EUR/USD Technical Analysis: Euro breaking down to new weekly lows near 1.1600 level

• EUR/USD is drifting lower as the single currency broke below the 1.1634 level (pink line). The next scaling points to the downside are seen at the 1.1600 figure and 1.1560 June 14 low.
• EUR/USD momentum is bearish as the 50-period simple moving average (SMA) has crossed below the 200-period SMA on the 15-minute chart.  

EUR/USD 15-minute chart

Spot rate:              1.1609
Relative change:   -0.33%  
High:                     1.1672
Low:                      1.1606

Trend: Bearish

Resistance 1: 1.1634 Monday’s low
Resistance 2: 1.1685 Monday intraday swing high
Resistance 3: 1.1700 figure
Resistance 4: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1600 figure
Support 2: 1.1560 June 14 low
Support 3: 1.1508 current 2018 low