EUR/USD Technical Analysis: A breakout of 1.1745/50 should open the door for a visit to 1.1790

• EUR/USD appears to have met tough resistance above 1.1730 in early trade, sparking the ongoing knee-jerk to the 1.1670 region.
• A breakout of the immediate target in the 1.1745/50 band should pave the way for a re-test of 1.1790 ahead of June’s peaks in the mid-1.1800s.
• On the downside, the 55-day SMA at 1.1614 should offer interim support ahead of the 21-day SMA at 1.1537. The critical area, however, remains the 1.1500 neighbourhood, which should spark another bout of EUR-weakness to the 1.1300 region if cleared.

EUR/USD daily chart

Daily high: 1.1698

Daily low: 1.1665

Support Levels

S1: 1.1660

S2: 1.1626

S3: 1.1589

Resistance Levels

R1: 1.1732

R2: 1.1769

R3: 1.1803