EUR/USD Technical Analysis: Bull flag can send EUR/USD to 1.1700 figure

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  • EUR/USD main bear trend is currently on hold as bulls are supporting the market above 1.1530 (August 23 swing low) and broke above a bull flag.
  • EUR/USD bulls are keeping the market above the key psychological level 1.1630 which is an important swing high ( August 8 high). The RSI, MACD and Stochastics indicators are constructive to the upside with the next target seen at 1.1700 figure. 
  • A bear breakout below 1.1530 would invalidate the bullish bias. 

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: Bull flag can send EUR/USD to 1.1700 figure

Spot rate:             1.1643
Relative change:   0.11%  
High:                    1.1660
Low:                     1.1613

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

Resistance 1:   1.1654 August 27 high
Resistance 2:   1.1700 figure
Resistance 3:   1.1750 key resistance (August)

Support 1:   1.1630 August 8 high key level
Support 2:   1.1600 figure
Support 3:   1.1572 July 19 low
Support 4:   1.1542 supply/demand level
Support 5:   1.1530 August 23 swing low
Support 6:   1.1508 June 8 low

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