- EUR/USD is gaining strength as Trump secures concessions from Europeans to avoid trade war.
- EUR/USD has broken Tuesday’s high and has hit the 1.1740 resistance. EUR/USD bulls next objective is to challenge the weekly high near 1.1750.
- The USD weakness is broad-based. If EUR/USD bulls manage to breakout above 1.1730-1.1750 area, EUR/USD can accelrate towards 1.1760-1.1795 supply levels.
EUR/USD 15-minute chart
Spot rate: 1.1723
Relative change: 0.32%
High: 1.1739
Low: 1.1664
Trend: Bearish / Risk of trend reversal above 1.1730-1.1750
Resistance 1: 1.1730-1.1740-1.1750 area, 23.6% Fibonacci retracement mid-April-May bear move, weekly high.
Resistance 2: 1.1760-1.1795 supply levels
Resistance 3: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move
Support 1: 1.1700 figure
Support 2: 1.1672 June 27 high
Support 3: 1.1654 current weekly low
Support 4: 1.1640-1.1649 area, key level and July 12 low
Support 5: 1.1600-1.1613 figure and July 13 low
Support 6: 1.1560 June 14 low
Support 7: 1.1508 current 2018 low