EUR/USD Technical Analysis: under pressure below the 21-day SMA at 1.1666. Focus still on 1.1508.

• Spot remains on the defensive this week, dropping to the 1.1600 neighbourhood where met some decent support for the time being.
• The subsequent bullish attempt lost momentum just ahead of the critical 21-day SMA, which now acts as interim resistance ahead of the more relevant hurdle in the 1.1720 zone, where converge a Fibo retracement of the April-May descent, December 2017 low and the base of the daily cloud.
• The pair stays offered following Tuesday’s bearish ‘outside day’ and keeps pointing to a probable test of the 1.1500 region.
• The daily RSI reads 43, while a low ADX (today at 18) notes the absent or weak trend. On a 15M chart, the pair drops to the oversold area, while the ADX picks up pace.

EUR/USD 15M chart

Daily high: 1.1657

Daily low: 1.1621

Support Levels

S1: 1.1605

S2: 1.1572

S3: 1.1542

Resistance Levels

R1: 1.1669

R2: 1.1699

R3: 1.1732