- Bulls are challenging the main bear trend as they broke above key 1.1628 and a multi-month bear trendline.
- EUR/USD is trading in a bull channel with rising 50, 100 and 200-period simple moving averages suggesting a healthy bullish momentum. While minor pullbacks towards 1.1630 are likely, bulls next objective is to break above 1.1700 in order to reach 1.1750 important key supply level.
- A sustained bear breakout below 1.1542 would invalidate the bullish momentum.
Spot rate: 1.1661
Relative change: 0.36%
High: 1.1665
Low: 1.1594
Main trend: Bearish
Short-term trend: Bullish above 1.1542
Resistance 1: 1.1700 figure
Resistance 2: 1.1750 supply level
Resistance 3: 1.1800 figure
Support 1: 1.1667 August 2 high
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
Share
