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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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