EUR/USD Technical Analysis: EUR/USD slowly turning bullish as bulls breakout from triangle pattern and regain 1.1630 level
|- EUR/USD main bear trend has been on hold since mid-August.
- EUR/USD bulls are challenging the upper side of the range near 1.1630 after they broke from the triangle compression pattern. EUR/USD is trading above the 50, 100 and 200-period simple moving averages. Additionally, the RSI, MACD and Stochastics are in positive territories all leaning for the continuation of the bullish move in the coming sessions. The conservative target is 1.1700 figure and if bulls can pierce through it, 1.1750 (key resistance) becomes the next destination.
- A bear breakout below 1.1530 would invalidate the bullish bias.
EUR/USD 4-hour chart
Spot rate: 1.1626
Relative change: 0.18%
High: 1.1650
Low: 1.1569
Main trend: Bearish
Short-term trend: Bullish above 1.1530
Resistance 1: 1.1630 August 8 high key level
Resistance 2: 1.1654 August 27 high
Resistance 3: 1.1700 figure
Resistance 4: 1.1750 key resistance (July)
Support 1: 1.1600 figure
Support 2: 1.1572 July 19 low
Support 3: 1.1542 supply/demand level
Support 4: 1.1530 August 23 swing low
Support 5: 1.1508 June 8 low
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