- EUR/USD rebounded from the weekly lows near 1.1550 and is currently consolidating above 1.1640 key supply/demand level.
- The 50-period simple moving average has crossed above the 200-period SMA forming a golden cross suggesting that higher prices can be on the cards. Resistances to the upside are seen at 1.1685 Monday intraday swing high and the 1.1700 figure followed by the 1.1730, 23.6% Fibonacci retracement from the mid-April-May bear move.
- However, a failure to breakout above 1.1685 can lead to a resumption of the bear trend and rotation down towards 1.1600.
EUR/USD 15-minute chart:
Spot rate: 1.1649
Relative change: 0.69%
High: 1.1667
Low: 1.1558
Trend: Neutral
Resistance 1: 1.1685 Monday intraday swing high
Resistance 2: 1.1700 figure
Resistance 3: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1640 supply/demand level
Support 2: 1.1600 figure
Support 3: 1.1560 June 14 low
Support 4: 1.1527 current weekly low
Support 5: 1.1508 current 2018 low
Support 6: 1.1431 weekly 100-period simple moving average
Share
