EUR/USD Technical Analysis: Bears threatening to break below 1.1530 key level as the Euro is setting up for further losses

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  • EUR/USD is gaining bearish traction as the market is breaking below the 1.1530 key level and the 50-period simple moving average.
  • The break of the level should open the door to further losses towards 1.1500 and 1.1463 (October 4 low). The RSI, MACD and Stochastic indicators are bearishly configured suggesting a downside continuation.
  • A  reversal up above 1.1630 should invalidate the bearish bias.

EUR/USD 4-hour chart 

Spot rate:             1.1531
Relative change:  0.36%  
High:                    1.1580
Low:                     1.1526

Main trend:             Bearish

Resistance 1:   1.1569 Sept. 28 low
Resistance 2:   1.1600 figure
Resistance 3:   1.1630 August 8 high key level
Resistance 4:   1.1654 August 27 high

Support 1:   1.1530 August 23 swing low (key level)
Support 2:   1.1500 figure and October 2 swing low 
Support 3:   1.1463 October 4 low
Support 4:   1.1430 October 9 low

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