EUR/USD Technical Analysis: Strong breakouts take time to develop - EUR/USD getting ready for advance above 1.1750 key resistance

EUR/USD main bear trend is on hold for the sixth consecutive week as the bulls are trying to create a reversal up.
EUR/USD is currently consolidating the recent advance from the triangle compression pattern (blue lines) just below the 1.1700 level. EUR/USD is trading above its 50, 100 and 200-period simple moving average on the 4-hour chart suggesting a bullish bias. Bulls objective is to break above 1.1750 which was a strong resistance level in July, therefore it is to be expected that bulls take time to gather enough momentum in order to breakout above 1.1750 level.
On the flip side, if the bears take over the market and drive it below 1.1530 it would likely signify that the bullish bias has switched to bearish.

Flavio Tosti Independent Analyst

EUR/USD 4-hour chart

Spot rate: 1.1700
Relative change: 0.16%
High: 1.1718
Low: 1.1666

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

Resistance 1: 1.1722 last week high
Resistance 2: 1.1750 key resistance (July)
Resistance 3: 1.1800 figure
Resistance 4: 1.1853 June 14 high

Support 1: 1.1654 August 27 high
Support 2: 1.1630 August 8 high key level
Support 3: 1.1600 figure
Support 4: 1.1572 July 19 low
Support 5: 1.1542 supply/demand level
Support 6: 1.1530 August 23 swing low
Support 7: 1.1508 June 8 low

Author

Flavio Tosti

Independent Analyst

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