EUR/USD Technical Analysis: Further consolidation could spark a re-emergence of the downtrend

• The pair keeps navigating the 1.1700 neighbourhood so far - where coincide recent gains and the 38.2% Fibo of the 2017-2018 up move - giving away some gains following the recent sharp up move.
• The next relevant target remains at the 1.1745/50 band, although the inability to surpass it on a sustainable basis could prompt sellers to return to the market and resume the downside.
• Past 1745/50 aligns 1.1790, considered the last defence of a probable visit to June’s tops in the mid-1.1800s.
• The resumption of the selling mood should meet interim support at the 55-day SMA at 1,1617 ahead of 1.1540, the 21-day SMA. The down move should pick up pace on a close below the 1.1500 neighbourhood.

EUR/USD daily chart

Daily high: 1.1719

Daily low: 1.1674

Support Levels

S1: 1.1669

S2: 1.1631

S3: 1.1611

Resistance Levels

R1: 1.1728

R2: 1.1749

R3: 1.1787