EUR/USD Technical Analysis: Pair back near key support level after limited recovery

• The recovery of the euro was short-lived and EUR/USD dropped below 1.1600, approaching YTD lows.
• A daily close above 1.1630 would remove short-term negative pressure while the next key resistance is 1.1700 (downtrend line). On the flip side, a close under 1.1530, would expose 1.1500/10, the strong barrier that capped the slide in May and June.
• Ahead of the Asian session limited price action seems likely. Bearish bias to remain in place as long as pair holds under 1.1580/1.1600 and the negative tone could rise with a consolidation below 1.1550.

EUR/USD 15-minutes chart


EUR/USD Daily chart


Spot rate: 1.1552
High: 1.1618
Low: 1.1548

Resistance 1: 1.1580
Resistance 2: 1.1600
Resistance 3: 1.1630

Support 1: 1.1530
Support 2: 1.1500
Support 3: 1.1475