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EUR/USD Technical Analysis: Attempting to stabilize near 1.1672-post FOMC

  • EUR/USD is having a moderate bullish reaction as FOMC maintains target interest rate in 1.75-2.00%.
  • EUR/USD is currently consolidating the 27-31 July bull move. EUR/USD is trying to find support at 1.1660 however the 1.1640 would be an even stronger support level as it was used as a pivot level for the last weeks of trading.
  • To form a credible bottom, EUR/USD should hold 1.1672 and surpass 1.1700 or else a retest to 1.1640 becomes almost inevitable.

EUR/USD 15-minute chart 

Spot rate:             1.1672
Relative change:   -0.20%  
High:                    1.1700
Low:                     1.1657

Trend:                   Neutral / Bullish above 1.1672

Resistance 1:  1.1700 figure
Resistance 2: 1.1730-1.1740-1.1750 area, 23.6% Fibonacci retracement mid-April-May bear move, figure.
Resistance 3: 1.1760-1.1795 supply levels
Resistance 4: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1672 June 27 high
Support 2: 1.1649 July 12 low 
Support 3: 1.1640-1.1649 key level and July 12 low 
Support 4: 1.1600-1.1613 figure and July 13 low
Support 5: 1.1560 June 14 low
Support 6: 1.1508 current 2018 low

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