Open trading account 
EUR/USD is the pair that appears to have benefited the most from the recent market rout. Some if it may be unwinding of the Euro currency hedges, which were established during European stock market bull run. Short covering ahead of the September FOMC meeting, which will likely postpone the lift-off, is definitely a part of it.
Initial support is seen at February high (~1.1535) and then at May high (~1.1470) with the stronger one near 200 DMA (~1.13). Resistance was found at the March to August channel-line (~1.17). Should the rally continue, 38.2% retracement of the May 2014 to March 2015 decline (~1.18) may be next one before 2010 low (~1.1875).
Initial support is seen at February high (~1.1535) and then at May high (~1.1470) with the stronger one near 200 DMA (~1.13). Resistance was found at the March to August channel-line (~1.17). Should the rally continue, 38.2% retracement of the May 2014 to March 2015 decline (~1.18) may be next one before 2010 low (~1.1875).
