EUR/USD Technical Analysis: EUR/USD big bears still on holiday as 1.1530 key support holds

  • EUR/USD bears took their holidays in mid-August and haven’t been back yet, leaving the main bear trend on hold. 
  • EUR/USD is currently consolidating the mid-August bull move forming a triangle compression pattern with the 1.1530 level as strong support. As long as the market stays above this level, bulls can potentially resume the bull momentum and reach the key 1.1750 resistance level from July. Bulls also need a breakout above the bear trendline starting on August 28. 
  • Conversely, a sustained breakout below 1.1530 would signal that bears are back to work and that the main bear trend is still in effect.

EUR/USD 4-hour chart

Spot rate:             1.1581
Relative change:  -0.10%  
High:                    1.1644
Low:                     1.1565

Main trend:                    Bearish
Short-term trend:           Bullish above 1.1530

Resistance 1:   1.1600 figure
Resistance 2:   1.1630 August 8 high key level
Resistance 3:   1.1654 August 27 high
Resistance 4:   1.1700 figure
Resistance 5:   1.1750 key resistance (July)

Support 1:   1.1572 July 19 low
Support 2:   1.1542 supply/demand level
Support 3:   1.1530 August 23 swing low
Support 4:   1.1508 June 8 low

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.