- EUR/USD bulls have put the main bear trend on hold since mid-August.
- EUR/USD is consolidating the August bull rally in a triangle compression pattern (blue lines). The bulls have used 1.1530 as support many times in the last months making it a rather strong level. The market is currently ranging as the 50, 100 and 200-period simple moving averages are relatively flat.
- As long as EUR/USD stays above 1.1530, bulls next targets are 1.1630 and 1.1750. Conversely, a bear breakout below 1.1530 would invalidate the bullish bias.
EUR/USD 4-hour chart
Spot rate: 1.1598
Relative change: 0.39%
High: 1.1616
Low: 1.1525
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 (August)
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
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