EUR/USD Technical Analysis: Euro correcting bear leg below the 1.1700 level

• EUR/USD failed to conclusively break above the 1.1700 level as bears have taken the lead in the early European session.  
• EUR/USD broke below the bull trend line and the 50 and 100-period simple moving average on the 15-minute chart.  
• The current move higher can be seen as a bear flag which could lead to a resumption of the bear move initiated earlier in the day.  

EUR/USD 15-minute chart

Spot rate:              1.1680
Relative change:   0.20%  
High:                     1.1721
Low:                      1.1651

Trend: Neutral

Resistance 1: 1.1700 figure
Resistance 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 3: 1.1800 figure

Support 1: 1.1644 supply/demand level
Support 2: 1.1600 figure
Support 3: 1.1550 demand level