The EURUSD cross is currently testing its 100 period MA at 1.16760 as support while it retraces the selloff from the ECB on the 14th of June. Resistance for the pair comes in around the 1.17152 level and the 38.2% fib level of the 2016 low to the 2018 high. The 200 period MA is the next resistance and is found at 1.17547 with the 1.7631 level above. The 1.18000 level can see some profits taken with rallies this month sold above this area from 1.18170 to 1.18560. A break above the latter can signal a leg higher to test 1.20000.
The 1.16600 level remains a level of consolidation with price gathering strength here for the last leg higher. The 50 period MA was used as support on the recent touch and is located at 1.16495 today. A solid break under and retest of the MA can point to another push lower for the pair. This would target 1.16000 followed by 1.15926 and 1.15515. The recent lows have formed a double bottom on the 4 hour chart with the May low at 1.15100. This would require the high at 1.18500 to be broken and target 1.21900.
