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5 Sep 2018
EUR/USD Technical Analysis: tapping 1.16, but momentum thin
- The Euro is tapping into the 1.1600 major technical level as bulls try to extend the current week's bullish correction, but the key round figure may prove to be too great a barrier for a half-hearted push.
- USD traders returned from the Labor Day long weekend uninspired, but the week could see a return of the Greenback.
- Looking further out, EUR/USD long traders will need to seize the 1.17 level in order to eliminate the built-in downside pressure of a long-winded bear trend.
EUR/USD Chart, 15-Minute
| Spot rate: | 1.1595 |
| Relative change: | 0.13% |
| High: | 1.1608 |
| Low: | 1.1577 |
| Trend: | Bearish |
| Support 1: | 1.1577 (current day low) |
| Support 2: | 1.1530 (current week low) |
| Support 3: | 1.1500 (major technical level) |
| Resistance 1: | 1.1628 (current week high) |
| Resistance 2: | 1.1656 (61.8% one-week Fibo level) |
| Resistance 3: | 1.1733 (previous week high) |