- EUR/USD had virtually no reaction following the release of the FOMC meeting minutes.
- EUR/USD has retraced 61.8% from daily low to high suggesting that some investors who missed the bull breakout in early Europe might be buying near those levels.
- On the other hand, bears see the bullish advance of the last five days as a bull flag in a bear trend and are willing to short near the 1.1700-1.1730 area. A bull breakout above the level might lead to bear capitulation and a move towards 1.1854, the 38.2% Fibonacci retracement from the mid-April-May bear move.
Spot rate: 1.1675
Relative change: 0.16%
High: 1.1721
Low: 1.1649
Trend: Bearish sub 1.1700-1.1730
Resistance 1 1.1700-1.1720 figure and 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: 1.1854, 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1672 June 27 high
Support 2: 1.1640 supply/demand level
Support 3: 1.1600 figure
Support 4: 1.1560 June 14 low
Support 5: 1.1527 last week’s low
Support 6: 1.1508 current 2018 low
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