EUR/USD Technical Analysis: Recovery losses momentum as outlook remains bearish

• The EUR/USD pair is falling for the fifth day in a row and shows no signals of a bottom. If it manages to hold above 1.1530 on a closing basis, it could look for some stabilization ahead, within the previous trading range 1.1520/1.1720.
• A consolidation under 1.1520 would signal another test to 1.1500. A daily close under 1.1520 would expose the next strong support seen at 1.1460. 
• The technical outlook is biased to the downside, with price holding below key moving averages in the daily chart that have started to point south. 
• A recovery of the euro is likely to face resistance around 1.1600; a recovery on top of 1.1650 could open the doors for a test of 1.1720.
• In the very short-term, the recovery from lows has lost strength and the euro looks set to slide ahead of the Asian session. 

EUR/USD 15-minute chart

Daily high: 1.1579
Daily low: 1.1503

Support Levels

S1: 1.1520
S2: 1.1500
S3: 1.1460

Resistance Levels

R1: 1.1565
R2: 1.1605
R3: 1.1625