EUR/USD Technical Analysis: Spot tested support near 1.1508. Scope for a rebound to 1.1745/50

• The pair is adding to yesterday’s gains above 1.1600 the figure after bottoming out in the vicinity of the key support at 1.1508.
• EUR/USD is now flirting with the key 10-day SMA and 55-day SMA at 1.1621 and 1.1613, respectively.
• As long as 1.1508 underpins, another visit to the 1.1745/50 band should remain in place for the time being.
• If cleared, the 1.1790 zone will be the last defence for a visit to June’s peak at 1.1853.

EUR/USD daily chart

Daily high: 1.1629

Daily low: 1.1577

Support Levels

S1: 1.1541

S2: 1.1488

S3: 1.1450

Resistance Levels

R1: 1.1631

R2: 1.1669

R3: 1.1722