“¢ The pair’s goodish recovery attempt, supported by PBoC headlines and softer headline NFP print failed near an ascending trend-line break-point now turned resistance.
“¢ A retest of the previous support and a subsequent drop to fresh five-week lows reinforces the bearish break and suggests that the near-term selling bias might still be far from over.
“¢ With technical indicators gradually moving away from near-term oversold conditions, a fall back towards YTD lows, closer to the key 1.1500 psychological mark, remains a distinct possibility.
EUR/USD 4-hourly chart
Spot Rate: 1.1583
Daily High: 1.1610
Daily Low: 1.1562
Trend: Bearish
Support
S1: 1.1560 (current day swing low)
S2: 1.1508 (YTD low set on June 21)
S3: 1.1479 (July 20, 2017 swing low)
Resistance
R1: 1.1611 (post-NFP swing high)
R2: 1.1660 (100-period SMA H1)
R3: 1.1700 (round figure mark)
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