EUR/USD Technical Analysis: Minor pullback could be on the cards

• The bearish divergence of the relative strength index (RSI) seen on the EUR/USD hourly chart favors a minor pullback.
• Interestingly, the four-day winning streak is showing signs of exhaustion near 1.1610 – a level which marks the confluence of the 50-day MA and the trendline sloping downwards from the April 19 high and July 31 high.
• That said, the 5-day and 10-day moving averages (MAs) are trending north in favor of the bulls, so the minor pullback could be short-lived.

Hourly chart

Spot Rate: 1.1572

Daily High: 1.1582

Daily Low: 1.1567

Trend: Intraday bearish

Resistance

R1: 1.1610 (50-day moving average + trendline hurdle)

R2: 1.1628 (Aug. 8 high)

R3: 1.1642 (76.4% Fib R of 1.1747/1.1301)

Support

S1: 1.1542 (Support as per the hourly chart)

S2: 1.1502 (50-hour moving average)

S3: 1.1488 (5-day moving average)