EUR/USD Technical Analysis: A breach of 1.1508 should trigger a deeper pullback

• EUR/USD is now looking to consolidate in the upper 1.1600s after failing to advance beyond the 1.1730 region earlier in the week.
• Spot appears constructive as long as the 1.1508 level underpins. A resumption of the down move should see the 55-day SMA at 1.1618 as the initial support seconded by the 1.1540 region, where coincide the multi-month support line and the 21-day SMA.
• On the upside, the next relevant hurdle aligns at 1.1745/50 band. A breakout of this area should shift the market focus to 1.1790 ahead of 1.1853.

EUR/USD daily chart

Daily high: 1.1691

Daily low: 1.1659

Support Levels

S1: 1.1635

S2: 1.1598

S3: 1.1556

Resistance Levels

R1: 1.1713

R2: 1.1755

R3: 1.1792