EUR/USD Technical Analysis: Bulls running out of breath below 1.1750 can lead to rotation down to 1.1630

• EUR/USD main bear trend has been on hold in the last weeks as bulls are trying to regain 1.1750 strong July resistance.
• EUR/USD is evolving in a bull channel and the market has been consolidating below the 1.1750 level for the last two days. The 1.1750 level is rather strong since it was resistance throughout the month of July.  
• Failure to break above it should lead to a rotation down to 1.1628 (August 8 high key level).

EUR/USD 4-hour chart

Spot rate:             1.1690
Relative change:   -0.15%  
High:                    1.1719
Low:                     1.1674

Main trend:           Bearish below 1.1750

Resistance 1:  1.1700 figure
Resistance 2:  1.1750 supply level
Resistance 3:  1.1800 figure
Resistance 4:  1.1850 June 14 swing high

Support 1:   1.1662 swing low
Support 2:   1.1654 August 27 high, Asia high
Support 3:   1.1628 August 8 high key level
Support 4:   1.1600 figure
Support 5:   1.1572 July 19 low
Support 6:   1.1542 supply/demand level