EUR/USD Technical Analysis: Key support at 1.1720 defends bullish bias

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  • The EUR/USD pair continues to move with an upside bias but still limited by 1.1800. Today it failed to trade on top and after approaching the mentioned level lost strength.
  • The key level to the downside is seen at 1.1720/30: a horizontal support and also an uptrend line. A break lower is likely to trigger more losses, exposing 1.1700. The next strong support stands at around 1.1650.
  • To tone is still biased to the upside as EUR/USD holds on top of 1.1720 but it is consolidating of the third day in a row, showing difficulties near 1.1800. A firm break higher targets 1.1850 (resistance is seen at 1.1815 and above at 1.1835).
  • Ahead of the Asian session, the pair is expected to trade in ranges, probably 1.1760/1.1780 but if it drops under 1.1760 (20-hour moving average) the range could change to 1.1740/1.1760.

EUR/USD 15-minute chart

	EUR/USD Technical Analysis: Key support at 1.1720 defends bullish bias
EUR/USD 240-minute chart

	EUR/USD Technical Analysis: Key support at 1.1720 defends bullish bias
Daily high: 1.1793
Daily low: 1.1730

Support Levels

S1: 1.1755
S2: 1.1725
S3: 1.1705

Resistance Levels

R1: 1.1775
R2: 1.1800
R3: 1.1815

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