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  • After EUR/USD tried to break below the 2018 lows earlier in Europe, the currency pair reversed up and broke the 1.1600 figure and Wednesday’s high.
  • EUR/USD is trading above the hourly 50 and 100-period flat simple moving average (SMA) suggesting the bear momentum has slowed down.  
  • Euro bulls will need to break out above the current week’s high at 1.1645 in order to potentially reach the 1.1730 key level. A failure to break above 1.1645 could lead to a rotation down towards 1.1575, the SMA confluence on the 15-minute chart.
     

EUR/USD 15-minute chart

Spot rate:              1.1617
Relative change:   0.40%  
High:                     1.1634
Low:                      1.1508

Trend: Neutral  

Resistance 1: 1.1645 current week’s high  
Resistance 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 3: 1.1800 figure
 
Support 1: 1.1600 figure
Support 2: 1.1575 SMA confluence 15-min chart
Support 3: 1.1508, current 2018 low