- EUR/USD is in a main bear trend but bulls are trying to create a counter move up started on Wednesday.
- EUR/USD retraced down about 50 pips from daily highs but bears were not able to have a sustained breakout below 1.1365 support and the 200-period simple moving average. Bulls see this as a buying opportunity to target 1.1400 and 1.1430 August 14 high.
- A sustained bear breakout below 1.1365 would invalidate the counter-trend bullish scenario.
EUR/USD 15-minute chart
Spot rate: 1.1368
Relative change: 0.20%
High: 1.1409
Low: 1.1335
Trend: Bearish
Resistance 1: 1.1400 figure
Resistance 2: 1.1430 August 14 high
Resistance 3: 1.1483 intraday swing high (August 10)
Support 1: 1.1365 August 13 low
Support 2: 1.1347 intraday swing high (August 15)
Support 3: 1.1300 figure
Support 4: 1.1250 May 24, 2017 high
Support 5: 1.1178 June 27, 2017 low