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  • EUR/USD bear trend is on hold since mid-August when EUR/USD found a floor at 1.1300 figure.
  • EUR/USD broke from the triangle compression pattern as it is trading above its 50, 100 and 200-period simple moving averages, which is bullish.  The RSI, MACD and Stochastics are all bullishly configured.  
  • The next target is 1.1700 followed by 1.1750 (July resistance). This last one can be a tough one to break above since it was strong resistance this summer. After it comes the 1.1800 figure resistance.
  • Conversely, a bear breakout below 1.1530 would be seen as a strong bearish signal and would invalidate the bullish bias.  

EUR/USD 4-hour chart

Spot rate:             1.1678
Relative change:   0.45%  
High:                    1.1688
Low:                     1.1608

Main trend:                    Bearish
Short-term trend:           Bullish above 1.1530

Resistance 1:   1.1700 figure
Resistance 2:   1.1750 key resistance (July)
Resistance 3:   1.1800 figure

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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