EUR/USD Technical Analysis: eroding the short-term resistance line. Target is now at 1.1790.

• Spot keeps the rangebound theme unchanged on Thursday, although it has gathered extra pace in past hours following a sell off in the greenback.
• Yesterday’s up move left behind the base of the daily cloud and the initial hurdle at the 1.1720 area and is now refocused on the mid-1.1700s, where sit recent peaks and the short-term resistance line off June’s peak at 1.1853.
• On the downside, the initial resistance is now at the base of the cloud and is reinforced by the 21-day SMA at 1.1685.
• A break below this area should allow for an initial test of 1.1575 seconded by 1.1530 and the 1.1500 neighbourhood.

EUR/USD daily chart

Daily high: 1.1744

Daily low: 1.1721

Support Levels

S1: 1.1682

S2: 1.1635

S3: 1.1606

Resistance Levels

R1: 1.1757

R2: 1.1786

R3: 1.1833