EUR/USD Technical Analysis: Euro is finding support at 1.1530 key level

EUR/USD is trading in a bull leg and is currently finding some support at the 1.1530 key level.
EUR/USD is entering a consolidation phase between the 50 and 100-period simple moving averages. The RSI and Stochastic indicators are turning lower but still above the 50 line which is considered bullish.
If 1.1530 hold, bulls first objective will be a retest of 1.1600 figure while a breakout below 1.1530 can lead to 1.1463 (October 4 low)

Flavio Tosti Independent Analyst

EUR/USD 4-hour chart

Spot rate: 1.1562
Relative change: -0.27%
High: 1.1611
Low: 1.1534

Main trend: Bearish
Short-term trend: Bullish

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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