EUR/USD Technical Analysis: Near term recovery stalls around 1.1450. Next target emerges at 1.1508

• The pair has returned to the 1.1400 neighbourhood at the beginning of the week after failing to extend the recent up move beyond the 1.1450 area.
• EUR/USD tested and has been rejected from the mid-1.1400s, where is located the 10-day SMA.
• The current bullish attempt is seen as corrective only and further resistance levels lie at 1.1508 (former YTD lows) ahead of the 21-day SMA at 1.1555. If cleared, the 1.1630 region should come to the fore.
• Furthermore, the broader picture remains bearish while below 1.1745/50. In case spot resumes the downside, the 200-week SMA, today at 1.1355 should offer initial contention ahead of 1.1299, recent YTD lows. Further south, the 61.8% Fibo retracement of the 2017-2018 up move at 1.1188 should be the next significant target.

EUR/USD daily chart

Daily high: 1.1442

Daily low: 1.1394

Support Levels

S1: 1.1387

S2: 1.1336

S3: 1.1307

Resistance Levels

R1: 1.1467

R2: 1.1496

R3: 1.1547