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24 Jul 2018
EUR/USD Technical Analysis: Euro falling from the 1.17 level ahead of EU PMIs
- The EUR/USD is on pace to continue Monday's declines as the Euro softens on a rebounding Greenback.
- Higher timeframes have the pair rejecting from recent swing points, etching in a downside channel on H4 candles while Daily candlesticks see a constraining bearish flag forming.
- It's Markit PMI day in Europe, and Euro bulls will be looking for a better-than-expected showing in Germany and for the broader EU to kickstart a recovery.
EUR/USD Chart, 15-Minute
| Spot rate: | 1.1680 |
| Relative change: | -0.06% |
| High: | 1.1701 |
| Low: | 1.1674 |
| Trend: | Bearish |
| Support 1: | 1.1641 (61.8% Fibo retracement level) |
| Support 2: | 1.1574 (previous week low) |
| Support 3: | 1.1507 (June 26th low) |
| Resistance 1: | 1.1701 (current day high) |
| Resistance 2: | 1.1750 (current week high) |
| Resistance 3: | 1.1803 (R3 daily pivot) |