- EUR/USD main bear trend is on hold since mid-August.
- EUR/USD is consolidating the breakout from the triangle pattern (blue lines) above the (green) bull trendline and the 50 and 100-period simple moving averages.
- The currency pair remains bullish ahead of Mario Draghi’s speech, President of the European Central Bank, scheduled at 13:00 GMT. The event can lead to lots of volatility in the forex market and especially on the Euro currency.
- Main supports are seen near 1.1600-1.1630 while targets to the upside are the 1.1750 key resistance level followed by 1.1800 figure. A break below 1.1530 would likely invalidate the bullish bias
Spot rate: 1.1672
Relative change: 0.06%
High: 1.1715
Low: 1.1653
Main trend: Bearish
Short-term trend: Bullish above 1.1530
Resistance 1: 1.1722 last week high
Resistance 2: 1.1750 key resistance (July)
Resistance 3: 1.1800 figure
Resistance 4: 1.1853 June 14 high
Support 1: 1.1654 August 27 high
Support 2: 1.1630 August 8 high key level
Support 3: 1.1600 figure
Support 4: 1.1572 July 19 low
Support 5: 1.1542 supply/demand level
Support 6: 1.1530 August 23 swing low
Support 7: 1.1508 June 8 low
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