EUR/USD Technical Analysis: Bears threatening to break below 1.1530 key level as the Euro is setting up for further losses

EUR/USD is gaining bearish traction as the market is breaking below the 1.1530 key level and the 50-period simple moving average.
The break of the level should open the door to further losses towards 1.1500 and 1.1463 (October 4 low). The RSI, MACD and Stochastic indicators are bearishly configured suggesting a downside continuation.
A reversal up above 1.1630 should invalidate the bearish bias.

Flavio Tosti Independent Analyst

EUR/USD 4-hour chart

Spot rate: 1.1531
Relative change: 0.36%
High: 1.1580
Low: 1.1526

Main trend: Bearish

Resistance 1: 1.1569 Sept. 28 low
Resistance 2: 1.1600 figure
Resistance 3: 1.1630 August 8 high key level
Resistance 4: 1.1654 August 27 high

Support 1: 1.1530 August 23 swing low (key level)
Support 2: 1.1500 figure and October 2 swing low
Support 3: 1.1463 October 4 low
Support 4: 1.1430 October 9 low

Author

Flavio Tosti

Independent Analyst

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