EUR/USD Technical Analysis: 1.1780 is the level to beat for the bulls

• The EUR/USD has charted a  big diamond pattern on the hourly chart. A move above 1.1780 (diamond hurdle) would signal a continuation of the rally from the Sept. 10 low of 1.1526 and allow a re-test of the recent high of 1.1815.
• Further gains are ruled out for now as the Fed is expected to sound hawkish.
• The downside break of the diamond pattern would signal a bullish-to-bearish trend change.

Hourly Chart

Spot Rate: 1.1766

Daily High: 1.1769

Daily Low: 1.1756

Trend: Bullish above 1.1780

Resistance

R1: 1.1780 (diamond hurdle)

R2: 1.1815 (Sept. 24 high)

R3: 1.1852 (June 14 high)

Support

S1:   1.1753 (100-hour moving average)

S2: 1.1724 (Sept. 24 low)

S3: 1.17 (psychological level)