EUR/USD Technical Analysis: EUR/USD supported above 1.1580 level

• EUR/USD is trading inside Wednesday’s range. Earlier in the European session, EUR/USD tried to breakout below yesterday’s low but the market found support near the 1.1571-1.1581 area. 
• EUR/USD bulls objective is to breakout above 1.1600-1.1620 area in order to reach the 1.1640-1.1649 zone. Bears want to resume the main bear trend, however, they need to breakout below 1.1571-1.1581 area in order to start making lower lows. 
• EUR/USD is now trading below its 50, 100 and 200-period simple moving average suggesting that the bullish pressure is currently slightly diminishing. Bulls are having an advantage as long as the market stays above the 1.1571-1.1581 mark. A bull breakout above 1.1600-1.1620 area would likely lead to the second buy wave of the week. 
   

EUR/USD 15-minute chart

EUR/USD daily chart

Spot rate:             1.1597
Relative change:   -0.11%  
High:                    1.1620
Low:                     1.1576

Trend:                  Bearish / Bullish pullback above 1.1581

Resistance 1: 1.1600-1.1620 area, figure and July 27 low
Resistance 2: 1.1640-1.1649 area, key level and July 12 low 
Resistance 3: 1.1672 June 27 high
Resistance 4: 1.1700 figure
Resistance 5: 1.1750 supply level
Resistance 6: 1.1760-1.1795 supply levels
Resistance 7: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1:  1.1571-1.1581 area, August 6 high and August 2 low
Support 2:  1.1527 June 28 low
Support 3:  1.1508 current 2018 low
Support 4:  1.1370 July 13, 2017 1.1370 low