- Bulls have been challenging the main bear trend on a break above 1.1628 key swing high.
- EUR/USD is trading sideways below the 1.1628 level. The 50-period simple moving average crossed below the 200 SMA suggesting that the bullish momentum is progressively abating. Bears objective is to keep the market from rising above 1.1628 and start a rotation down targeting 1.1500 and 1.1400 figure.
- A bull breakout above 1.1628 would invalidate the bearish bias.
EUR/USD 15-minute chart
Spot rate: 1.1582
Relative change: -0.13%
High: 1.1600
Low: 1.1542
Main trend: Bearish below 1.1628
Resistance 1: 1.1628 August 8 high
Resistance 2: 1.1667 August 2 high
Resistance 3: 1.1750 supply level
Support 1: 1.1572 July 19 low
Support 2: 1.1542 supply/demand level
Support 3: 1.1506 June 21 low
Support 4: 1.1483 intraday swing high (August 10)
Support 5: 1.1445 last week high
Support 6: 1.1430 August 14 high
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