EUR/USD Technical Analysis: Lots of noise for nothing - First down day in five - EUR/USD bears need to do better than this

EUR/USD main bear trend is on hold since mid-August where EUR/USD established a bottom at the 1.1300 figure.
This Friday, EUR/USD bears drove the market down to 1.1630 support after a failed breakout above 1.1700 resistance. This is the first down day in five and EUR/USD bears will need to continue hammering down the market below 1.1530 key support in order to reclaim a strong bearish directional bias.
EUR/USD is still trading above its 50, 100 and 200-period simple moving averages while the RSI and Stochastics indicators are trading down from overbought condition. All-in-all suggesting that the market might need to consolidate more before setting up for the next directional move.
A bear breakout below 1.1530 would invalidate the bullish bias.

Flavio Tosti Independent Analyst

EUR/USD 4-hour chart

Spot rate: 1.1639
Relative change: -0.44%
High: 1.1722
Low: 1.1626

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

Resistance 1: 1.1654 August 27 high
Resistance 2: 1.1700 figure
Resistance 3: 1.1750 key resistance (July)
Resistance 4: 1.1800 figure

Support 1: 1.1630 August 8 high key level
Support 2: 1.1600 figure
Support 3: 1.1572 July 19 low
Support 4: 1.1542 supply/demand level
Support 5: 1.1530 August 23 swing low
Support 6: 1.1508 June 8 low

Author

Flavio Tosti

Independent Analyst

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