- EUR/USD traded above Tuesday’s high and found resistance near the 1.1630 level. EUR/USD has retraced about 55 pips from daily highs and is trying to find support in the 1.1571-1.1581 area and the 200-period simple moving average.
- EUR/USD bulls consider the 1.1581 level as important as it is the 50% Fibonacci retracement level from the August 6-8 bull move. Bulls objective is to support the market above that mark and then reconquer the current daily highs.
- On the flip side, bears want to breakout below 1.1581 and keep EUR/USD below the 1.1600 psychological level by driving the currency pair below 1.1527. The 1.1581 seems to be the line-in-the-sand for bulls to keep a slight advantage.
EUR/USD 15-minute chart
EUR/USD daily chart
Spot rate: 1.1583
Relative change: -0.13%
High: 1.1629
Low: 1.1573
Trend: Bearish / Bullish pullback above 1.1581
Resistance 1: 1.1600-1.1620 area, figure and July 27 low
Resistance 2: 1.1640-1.1649 area, key level and July 12 low
Resistance 3: 1.1672 June 27 high
Resistance 4: 1.1700 figure
Resistance 5: 1.1750 supply level
Resistance 6: 1.1760-1.1795 supply levels
Resistance 7: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1571-1.1581 area August 6 high and August 2 low
Support 2: 1.1527 June 28 low
Support 3: 1.1508 current 2018 low
Support 4: 1.1370 July 13, 2017 1.1370 low
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