EUR/USD Technical Analysis: Underlying tone remains negative. The pair could still break below 1.1500

• The pair is now recovering ground lost after five consecutive sessions with losses and after bottoming out in the 1.1500 neighbourhood on Tuesday.
• A breach below 1.1508 should open the door to a visit of 1.1449 (50% Fibo retracement of the 2017-2018 up move).
• Further south aligns the so far YTD low at 1.1299, recorded on August 15.
• The corrective downside should persists as long as the short-term resistance line, today at 1.1738, underpins.

EUR/USD daily chart

Daily high: 1.1594

Daily low: 1.1535

Support Levels

S1: 1.1508

S2: 1.1469

S3: 1.1432

Resistance Levels

R1: 1.1584

R2: 1.1620

R3: 1.1660