EUR/USD Technical Analysis: EUR/USD attempting to stabilize near 1.1530 key support level

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  • EUR/USD is near 1.1530 key support as bears want to break below it in order to resume the bear trend. 
  • EUR/USD is trading below its 50, 100 and 200-period simple moving average (SMA). However the SMAs are relatively flat and there has been no crossover yet, suggesting a sideways to down bias. The MACD is bearish while the RSI and Stochastics indicators are in oversold condition and showing divergence with the current price, which is potentially bullish. 
  • Bears are currently strong and their objective is to have a meaningful breakout below 1.1530. In the absence of such breakout, bulls will try to stabilize the market near the 1.1530 level.

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: EUR/USD attempting to stabilize near 1.1530 key support level

Spot rate:             1.1540
Relative change:  -0.34%  
High:                    1.1581
Low:                     1.1505

Main trend:                    Bullish
Short-term trend:           Bearish below 1.1569

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
Resistance 5:   1.1723 September 24 low
Resistance 6:   1.1750 key level (July)
Resistance 7:   1.1800 figure
Resistance 8:   1.1853 June 14 high
Resistance 9:   1.1900 figure

Support 1:   1.1542 supply/demand level
Support 2:   1.1530 August 23 swing low
Support 3:   1.1491 August 21 low 
Support 4:   1.1400 figure

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