- EUR/USD main bear trend has been under pressure in the second half of August.
- However, EUR/USD is finding support at the 1.1600 figure and the 200-period simple moving average (SMA) on the 4-hour chart. The 50 SMA is trading above the 100 and 200 SMA suggesting bullish activity. The Stochastics indicator is now leaving the oversold condition and starting to rise up.
- If bulls manage to breakout above 1.1628 key level, the next objective becomes 1.1700 figure.
Spot rate: 1.1618
Relative change: 0.14%
High: 1.1628
Low: 1.1589
Main trend: Bearish
Short-term trend: Bullish above 1.1628 key level
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
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