EUR/USD Technical Analysis: Weakness could see 1.1508 re-tested near term

• EUR bulls are now seen struggling around the 1.1600 area, opening the door for further consolidation and potential retracements.
• In case the selling bias gathers traction, the 1.1508 level should emerge as the initial contention ahead of the 50% Fibo retracement of the 2017-2018 rally at 1.1449 ahead of 2018 lows just below 1.1300 the figure.
• On the other hand, extra gains should break above the critical resistance band at 1.1745/50 in a sustainable fashion ahead of the 1.1790 region.

EUR/USD daily chart

Daily high: 1.1609

Daily low: 1.1542

Support Levels

S1: 1.1533

S2: 1.1484

S3: 1.1438

Resistance Levels

R1: 1.1628

R2: 1.1674

R3: 1.1723