- EUR/USD reached a new weekly low as it broke below the 1.1600 figure. EUR/USD is now less than 20 pips away from the 1.1574 support, July 19 low. A bear breakout below the level can lead to an acceleration towards 1.1527 June 26 low and 1.1508, the current 2018 low.
- This is the strongest decline since early June suggesting decent bearish momentum. However, bulls will try hard to support the market at the 1.1574 level in order to prevent sellers to resume the bear trend.
- The market will pay close attention to the US Nonfarm Payrolls and the Average Hourly Earnings this Friday at 12:30 GMT. The news can potentially greatly impact USD-denominated currency pairs.
EUR/USD 15-minute chart
Spot rate: 1.1595
Relative change: -0.55%
High: 1.1668
Low: 1.1584
Trend: Bearish
Resistance 1 1.1600-1.1613 figure and July 13 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: 1.1730-1.1740-1.1750 area, 23.6% Fibonacci retracement mid-April-May bear move, figure.
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: 1.1574 July 19 low
Support 2: 1.1527 June 26 low
Support 3: 1.1508 current 2018 low
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