- EUR/USD is up about 30 pips from the daily lows established near 1.1620. EUR/USD is currently trying to regain the 1.1640 key level.
- A breakout above the daily high near 1.1660 and the 1.1672 resistance level is the next objective for bulls while bears will try hard to resume the bear trend. Supports to the downside are the 1.1640 and 1.1620 levels. Bulls have currently the upper-hand, especially on a close above the current daily high.
- The bounce is coinciding with the release of the Gross Domestic Product Annualized (GDP) for the second quarter which came in line with expectations at 4.1% while the Core Personal Consumption Expenditures for the second quarter came slightly below expectations at 2% versus 2.2% forecast.
EUR/USD 15-minute chart
Spot rate: 1.1650
Relative change: 0.07%
High: 1.1660
Low: 1.1620
Trend: Bearish / Risk of trend reversal above 1.1730-1.1750
Resistance 1: 1.1649 July 12 low
Resistance 2: 1.1672 June 27 high
Resistance 3: 1.1700 figure
Resistance 4: 1.1730-1.1740-1.1750 area, 23.6% Fibonacci retracement mid-April-May bear move, weekly high.
Resistance 5: 1.1760-1.1795 supply levels
Resistance 6: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1640 key level
Support 2: 1.1649 July 12 low
Support 3: 1.1600-1.1613 figure and July 13 low
Support 4: 1.1560 June 14 low
Support 5: 1.1508 current 2018 low
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