EUR/USD Technical Analysis: Further consolidation expected near term

• EUR/USD reiterates the consolidative theme so far this week above the 1.1600 handle, with clear support emerging in the 21-day SMA in the 1.1540/50 band for the time being.
• The probability of a test of the 1.1745/50 band still appears on the cards as long as the 1.1508 level underpins. If cleared, the next upside target should be the 1.1790 region ahead of the more relevant June’s peak at 1.1853.
• A resumption of the downtrend needs to breach the 1.1500 area to refocus on the so far 2018 low in levels just below 1.1300 the figure.

EUR/USD daily chart

Daily high: 1.1650

Daily low: 1.1613

Support Levels

S1: 1.1599

S2: 1.1575

S3: 1.1545

Resistance Levels

R1: 1.1653

R2: 1.1684

R3: 1.1708