Technical Analysis: Inverse Head-and-Shoulder pattern can drive EUR/USD to 1.1750 resistance

• EUR/USD main bear trend is currently taking a breather as bulls are supporting the market above 1.1530 (August 23 swing low).
• EUR/USD forming an inverse head-and-shoulder pattern which can send EUR/USD towards 1.1750.  
• However, the bulls will have the keep the market above 1.1600 in order for the pattern to remain valid and to prevent a deeper correction down. A bear breakout below 1.1530 would invalidate the bullish bias.

EUR/USD 4-hour chart

Spot rate:             1.1623
Relative change:    -0.05%  
High:                    1.1660
Low:                     1.1605

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

Resistance 1:   1.1630 August 8 high key level
Resistance 2:   1.1654 August 27 high
Resistance 3:   1.1700 figure
Resistance 4:   1.1750 key resistance (August)

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