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  • EUR/USD gained almost 70 pips on Thursday breaking above the 1.1700 figure ahead of the FOMC meeting minutes at 18:00 GMT.
  • EUR/USD bulls are now trying to break above last week’s high at 1.1720 level.  
  • Additionally, EUR/USD is now about 20 pips away from the 23.6% Fibonacci retracement from the mid-April-May bear move at 1.1730. If bulls breakout above the level it can lead to an acceleration higher towards the 1.1800 figure. On the other hand, failure to break above 1.1720-1.1730 area can lead to a rotation down.  

EUR/USD 15-minute chart  

Spot rate:              1.1720
Relative change:   0.47%  
High:                     1.1721
Low:                      1.1649

Trend: Bullish

Resistance 1: 1.1720 last week’s high
Resistance 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 3: 1.1800 figure
Resistance 4.1854, 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1700 figure
Support 2: 1.1672 June 27 high
Support 3: 1.1640 supply/demand level
Support 4: 1.1600 figure
Support 5: 1.1560 June 14 low
Support 6: 1.1527 last week’s low
Support 7: 1.1508 current 2018 low