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1 Aug 2018
EUR/USD Technical Analysis: back below 1.17 as channel continues
- The Euro is returning to the mean in higher timeframes as the EUR/USD continues to trade in a rough sideways channel.
- A slew of Markit PMIs for Europe today could see a kick in volatility, though the meaningful readings will be the PMIs for Germany and the general Eurozone.
- Traders will be looking for a bullish turnaround from last week's lows near 1.1620.
EUR/USD Chart, 15-Minute
| Spot rate: | 1.1678 |
| Relative change: | -0.10% |
| High: | 1.1692 |
| Low: | 1.1675 |
| Trend: | Flat to bearish |
| Support 1: | 1.1667 (61.8% Fibo retracement level) |
| Support 2: | 1.1649 (current week low) |
| Support 3: | 1.1619 (previous week low) |
| Resistance 1: | 1.1718 (Monday high) |
| Resistance 2: | 1.1745 (current week high) |
| Resistance 3: | 1.1794 (R3 daily pivot) |