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  • EUR/USD main bear trend is on hold for the sixth consecutive week as the bulls are trying to create a reversal up.  
  • EUR/USD is currently consolidating the recent advance from the triangle compression pattern (blue lines) just below the 1.1700 level. EUR/USD is trading above its 50, 100 and 200-period simple moving average on the 4-hour chart suggesting a bullish bias. Bulls objective is to break above 1.1750 which was a strong resistance level in July, therefore it is to be expected that bulls take time to gather enough momentum in order to breakout above 1.1750 level.  
  • On the flip side, if the bears take over the market and drive it below 1.1530 it would likely signify that the bullish bias has switched to bearish.  

EUR/USD 4-hour chart

Spot rate:             1.1700
Relative change:   0.16%  
High:                    1.1718
Low:                     1.1666

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

Expert score

5

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