- EUR/USD bear trend is on hold since mid-August when EUR/USD found a floor at 1.1300 figure.
- EUR/USD broke from the triangle compression pattern as it is trading above its 50, 100 and 200-period simple moving averages, which is bullish. The RSI, MACD and Stochastics are all bullishly configured.
- The next target is 1.1700 followed by 1.1750 (July resistance). This last one can be a tough one to break above since it was strong resistance this summer. After it comes the 1.1800 figure resistance.
- Conversely, a bear breakout below 1.1530 would be seen as a strong bearish signal and would invalidate the bullish bias.
Spot rate: 1.1678
Relative change: 0.45%
High: 1.1688
Low: 1.1608
Main trend: Bearish
Short-term trend: Bullish above 1.1530
Resistance 1: 1.1700 figure
Resistance 2: 1.1750 key resistance (July)
Resistance 3: 1.1800 figure
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
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