EUR/USD Technical Analysis: EUR/USD pulling back near 1.1580 level

• EUR/USD traded above Tuesday’s high and found resistance near the 1.1630 level. EUR/USD has retraced about 55 pips from daily highs and is trying to find support in the 1.1571-1.1581 area and the 200-period simple moving average. 
• EUR/USD bulls consider the 1.1581 level as important as it is the 50% Fibonacci retracement level from the August 6-8 bull move. Bulls objective is to support the market above that mark and then reconquer the current daily highs. 
• On the flip side, bears want to breakout below 1.1581 and keep EUR/USD below the 1.1600 psychological level by driving the currency pair below 1.1527. The 1.1581 seems to be the line-in-the-sand for bulls to keep a slight advantage. 

EUR/USD 15-minute chart

EUR/USD daily chart

Spot rate:             1.1583
Relative change:   -0.13%  
High:                    1.1629
Low:                     1.1573

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