EUR/USD Technical Analysis: Euro trading sub-1.1700 figure ahead of FOMC minutes

• The FOMC meeting minutes are set to be released at 18:00 GMT, traders should expect high volatility on the news. 
• EUR/USD is pulling back about 35 pips after reaching a daily high at 1.1721. 
• A breakout above the 1.1700-1.1730 area should lead to a spike towards 1.1800 while a failure to break the area should see a reversal towards the 1.1600 level.

EUR/USD 15-minute chart

Spot rate:              1.1687
Relative change:   0.26%  
High:                     1.1721
Low:                      1.1649

Trend: Bearish sub 1.1700-1.1730

Resistance 1 1.1700-1.1720 figure and last week’s high
Resistance 2: 1.1730, 23.6% Fibonacci retracement from mid-April-May bear move
Resistance 3: 1.1800 figure
Resistance 4: 1.1854, 38.2% Fibonacci retracement from mid-April-May bear move

Support 1: 1.1672 June 27 high
Support 2: 1.1640 supply/demand level
Support 3: 1.1600 figure
Support 4: 1.1560 June 14 low
Support 5: 1.1527 last week’s low
Support 6: 1.1508 current 2018 low