EUR/USD Technical Analysis: Rotation down extends to 1.1600 figure – Bears in control

• EUR/USD bears are busy trying to restore the main bear trend by pushing the market down to 1.1600 figure.
• EUR/USD is currently finding support at the 200-period simple moving average (4-hour). Bulls might try to create a bull flag but the market is likely to be capped by the 1.1700-1.1750 zone.
• The next target to the downside is seen at 1.1530 swing low. A bull breakout above 1.1750 would invalidate the bearish bias.  

EUR/USD 4-hour chart

Spot rate:             1.1600
Relative change:   -0.62%  
High:                    1.1691
Low:                     1.1584

Main trend:   Bearish below 1.1750

Resistance 1:  1.1628 August 8 high key level
Resistance 2:  1.1654 August 27 high, Asia high
Resistance 3:  1.1662 swing low
Resistance 4:  1.1700 figure
Resistance 5:  1.1750 strong supply level
Resistance 6:  1.1800 figure
Resistance 7:  1.1850 June 14 swing high

Support 1:   1.1600 figure
Support 2:   1.1572 July 19 low
Support 3:   1.1542 supply/demand level
Support 4:   1.1530 swing low