EUR/USD Technical Analysis: Scope for a visit to the 1.1630 region in the near term

• The pair’s strong rebound met tough resistance in the 1.1600 neighbourhood late on Tuesday, always on the back of the persistent selling mood around the buck.
• However, the current up move in the pair is seen as corrective only and could reach the 1.1630 area in the near term.
• Spot has quickly left behind the key resistance at the 1.1500 zone, and it should likely return below it in order to resume the downtrend. In this case, the mid-1.1400s emerges as the initial area of contention, where converge the 10-day SMA and the 50% Fibo retracement of the 2017-2018 up move.
• Further south, the 200-week SMA in the mid-1.1300s comes in next ahead of 2018 low at 1.1299.

EUR/USD daily chart

Daily high: 1.1583

Daily low: 1.1553

Support Levels

S1: 1.1500

S2: 1.1430

S3: 1.1379

Resistance Levels

R1: 1.1622

R2: 1.1672

R3: 1.1743