EUR/USD Technical Analysis: Consolidating under 1.1600, still weak

• The EUR/USD pair found resistance at a key level and dropped back under 1.1600. Ahead of the Asian session, it is likely to remain under pressure while below 1.1600 and the negative tone could intensify under 1.1565. 
• Moves to the upside to remains limited while under a downtrend currently at 1.1630: a solid break higher would point to a test of 1.1650/55. 
• Overall, EUR/USD appears to be undecided between resuming the upside with a break on top of 1.1630 or the downside, below 1.1525. 

EUR/USD 15-minutes chart

EUR/USD 4-hour chart 

Daily high: 1.1642
Daily low: 1.1565

Support Levels

S1: 1.1565
S2: 1.1525
S3: 1.1500

Resistance Levels

R1: 1.1600
R2: 1.1625/30 (downtrend line)
R3: 1.1655 (last week high)